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|Number of units||126|
Jones Lang LaSalle Americas, Inc. (JLL) is pleased to present Naismith Hall, a 126 unit/252 bedroom/504 bed student housing property effectively located on the campus of University of Kansas (KU). Adjacent to the south side of campus and directly in the University’s path of growth, Naismith Hall is the closest privately-owned apartment complex to many of KU’s most important structures including the KU School of Business, Student Rec & Fitness Center, Hoglund Ballpark and the famous Allen Fieldhouse, which is home to the Kansas Jayhawks basketball teams.
Originally constructed in 1965 and completely remodeled in 1985, Naismith Hall has since undergone multiple upgrades (most recently in 2013). Nevertheless, there remains a significant opportunity to modernize the property via a fresh renovation program targeting both unit interiors and community amenities. As a result of the COVID-19 pandemic, the student preference and safety recommendation for social distancing has caused KU to sign a 100% master-lease with the property for the 2020-21 academic year (see page 10). Furthermore, Naismith Hall offers larger bedrooms than many of its on-campus comps (see page 28).
In addition to the existing apartment building and primary parking lot (182 spaces), the property also includes a satellite parking lot (43 spaces) that is currently zoned RM32, or high-density multifamily, which allows for up to 32 additional units per acre. Given its irreplaceable location to campus as well as the future growth plans of the university, the additional parcel presents a rare opportunity for a new owner to realize outsized returns at a nationally-recognized tier-I university with an anticipated need for additional housing in the near term.
- Directly adjacent to the University of Kansas
- Enrolment over 27,500 students
- Verifiable value-add upside
- Satellite parking lot zoned for high-density multifamily
- Master lease with KU for the 2020-2021 academic year