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Pebb Trades Student Housing Near U. of Kansas
Pebb Capital completed the sale of The Rockland in Lawrence, KS, near the University of Kansas, to NB Private Capital (NBPC). Kevin Larimer and Greg Gonzalez of Berkadia’s student housing team facilitated the sale of the 647-bed property.
The sale price wasn’t disclosed. Pebb acquired the student housing property as a distressed asset in 2014 for $16 million, then engaged in an extensive rehabilitation.
“We were successful in the complete conversion of this distressed property, transforming it into a stabilized asset in a high-density, student-driven market,” said Pebb’s Todd Benson. “This sale allows for a renewed focus on other projects, such as our ground-up student housing development of 415W120 underway in New York City, as well as other strategic investment opportunities.”
Berkadia’s Ed Kim and Jie Lee also arranged the financing on behalf of Orange County, CA-based NBPC. Kapp Morrison LLP served as counsel for Pebb in the transaction.
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- ◦Sale/Acquisition

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