High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
Chicago & Midwest  + Midwest  + Student Housing  | 

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.

Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.

Subscribe to Connect Daily Chicago

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With Berkadia's LarimerConnect With Berkadia's GonzalezConnect With Pebb Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action