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University Overview:
Replace with 2024 data: KU is the largest university in the state, boasting an enrollment of 26,887 for the fall of 2024 semester. As the state's flagship university and premier research institution, the University of Kansas is a key economic player, supporting the development and growth of Kansas. KU employs more than 8,850 faculty and staff members in Lawrence. In fall 2024, 21,559 undergraduate students enrolled at the University of Kansas, up 6.9% from one year prior. Approximately 22% of students lived on campus residence halls and apartments, leaving 20,887 students in need of off-campus housing.
The Opportunity
100% Preleased by March: By March, Orchard Corners reached 99% preleased and Apple Lane 100%, reflecting a strong leasing team, robust demand, and the potential to raise rents while maintaining occupancy.
Value-Add Potential: New owners have the potential to enhance the value of Orchard Corners significantly by undertaking moderate interior renovations. By adjusting the rent to match the Rent Comp Average, they could achieve a 17% increase in rental income.
Record-Breaking Enrollment: The University of Kansas is experiencing a continuous increase in enrollment across all metrics. For consecutive years, the university has set new records for first-year student enrollment, reaching the highest overall enrollment in its 159-year history with a 4.8% growth in 2024. KU's ability to attract a significant number of out-of-state students supports its long-term growth projections. Rent Growth: The renovated and well-kept studio units at Apple Lane are priced $244 less than the leading market rates for studios. With no concessions and rapid preleasing in 2025, there is considerable potential for rent increases.
Connected to Campus: Situated just 0.2 miles from campus, this location is on the KU on Wheels bus route, offering direct access to both the campus and downtown Lawrence.
Excellent Market Fundamentals: With only one student housing project with limited beds under construction, there is strong demand to accommodate the increasing student population at the University of Kansas. Market occupancy at KU has consistently been high, currently standing at 96%.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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Erin Wodehouse
Financial Analyst - Student 248.341.3333
erin.wodehouse@berkadia.com
Aaron Moll
Managing Director 248.208.0529 aaron.moll@berkadia.com
Peter Benedetto
Senior Managing Director 248.208.3462 peter.benedetto@berkadia.com
Trevor Friday
Director 248.341.3307 trevor.friday@berkadia.com
Steve Skok
Managing Director 312.845.5164 steve.skok@berkadia.com
Jennifer Ayers
Senior Transaction Manager 689.244.5554 jennifer.ayers@berkadia.com FL DRE SL3438021
Kevin Larimer
Senior Managing Director 248.341.3305 kevin.larimer@berkadia.com MI DRE 6501259415
Genna Jago
Marketing Project Manager 248.341.3336
genna.jago@berkadia.com MI DRE 6501434038
Brandon Buell
Senior Managing Director 346.444.8982
brandon.buell@berkadia.com TX DRE 617983
$1.21
AVG RENT/SF
97%
PRELEASED
800
AVG UNIT SF
99%
OCCUPIED
264
BEDS
139
UNITS
AMENITIES
Pet friendly
Swimming Pool
KU Bus Route
Fitness Center
Online Payment Available
Great Location
24/7 Laundry Facility
Professionally Managed
Friendly Staff
Outdoor Lounge
1400-1405 Apple Lane, Lawrence, KS 66049
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Ken Aston
Managing Director 314.984.5590 ken.aston@berkadia.com KS DRE 00248076
MICHAEL SPERO
Senior Director 816.656.3705 michael.spero@berkadia.com KS DRE 237575
NIKO VRENTAS
Director 913.991.0707 niko.vrentas@berkadia.com KS DRE 00248813
SIMON RODEWALD
Associate Director 682.552.5468 simon.rodewald@berkadia.com KS DRE 00251031