Student Housing Community Acquired Near The University of Kansas
Pierce Education Properties (PEP) today announces the purchase of The Reserve on West 31st - a premier off-campus student housing community serving Kansas University students – for $14 million. The acquisition was completed on March 13, 2014. Debt financing of $7,298,000 million was provided by KeyBank.
The Reserve on West 31st is a 720-bed, 192-unit community located southwest of campus. This class A, market leader features 3 bedroom and 4 bedroom units with bed to bath parity. Units are fully furnished and interior unit appointments are top of the line including faux hardwood floors, faux granite counter tops, and modern appliances including a washer and dryer. Property amenities include a resort pool with pergola and fireplace, fully equipped gym, computer lounge and study rooms, sand volleyball court, basketball court, and picnic-style areas equipped with grills.
Kansas University, a member of the Big 12 Conference, has total enrollment of 27,784 students which includes all campus locations and 23,199 students at their main campus. On campus housing comprises of 4,761 beds. Kansas University academic initiatives include growing their sponsored research programs which is favorable to increasing overall enrollment demand.
“This is the third acquisition for PEP in the last 100 days totaling over 2,200 beds during that period. We are very active buyers and are seeking other acquisitions in the student housing sector including core, core-plus and value-added opportunities.” PEP President and CEO Fred Pierce said.