Baker Tilly: BT Lawrence Student Housing DST
Investment Overview
The Project consists of a 632-bed student housing multifamily property located on approximately 16.885 acres with a physical address of 4101 West 24th Place, Lawrence, KS 66047. According to the Appraisal, the Project offers 18 1- to 3-story-tall residential buildings and a clubhouse, with a net rentable area of approximately 248,824 square feet. Amenities at the Project include a clubhouse, a swimming pool, hot tub, basketball court, covered and uncovered parking, fitness room and grilling area.
Offering Strengths
Off-campus housing demand grew by 5.5% YOY, creating a strong pipeline of renters for The Quarters. Rising dorm costs (+2.5% YOY) further support the property’s ability to maintain competitive rents while driving long-term occupancy stability
Offering Weaknesses
Car-dependent and less walkable to daily needs, which may reduce appeal compared to more centrally located housing. While KU enrollment growth supports demand, the university’s 13.1% YOY increase in dorm capacity creates added competition. The property also remains highly reliant on the University of Kansas, exposing it to enrollment shifts, while student-focused leasing cycles contribute to higher turnover costs and seasonality in occupancy.
Key Facts
Sponsor: Baker Tilly
Structure: Delaware Statutory Trust (DST)
Location(s): Kansas
Property Type(s): Student Housing
Assumable Loan: 47.45% LTV
Estimated Hold Period: 10 Years
Key Features
1031 Exchange: Yes
721 Exchange/UPREIT: No
Cash-Out Refinance: No
Income Guarantee: No
Distribution Forecast
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Investor Cash Flow | 4.30% | 4.32% | 4.36% | 4.44% | 4.57% | 4.72% | 4.76% | 4.83% | 4.86% | 5.05% |
Sponsor Overview
Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 41,000 professionals and a combined worldwide revenue of $4.7 billion. Baker Tilly helps real estate developers, owners, investors and property managers navigate a rapidly changing landscape across all segments of the industry —commercial, residential, hospitality, medical, retail, industrial and mixed use — proactively manage debt and leverage assets. Through every project lifecycle, investors can expect a refreshingly comprehensive approach to protecting and expanding their business.