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Are you in the market for a Multi-Family Apartment Complex?
We just found out about a multi-family apartment complex opportunity in Wichita that might fit your investment criteria.  Following are a few details about the deal.  Let me know if you or your client has an interest in taking a closer look. . .
$11 million asking price 342 Apartment units 19 Buildings plus Clubhouse/Office Unit Mix:174-1 BR 650 s.f. (42 with monitored security) 168-2 BR 900 s.f. (48 with monitored security) Total Land Area: approximately 10 acres Cap Rate: 8.0% year end December 2008 Based on the Cap Rate and Asking Price, I estimate the NOI would be $880,000. The property has an excellent history of maintaining high occupancy since it was built in 1986. There is a mix of 174 one bedroom/one bath 650 s.f. units and 168 two bedroom/two full bath 900 s.f. units. All of the units have electric heat pumps and full size washer/dryer hookups. Many of the units feature fireplaces and monitored security alarms as well.
Common area amenities include a pool, large clubhouse with on site office, party room, laundry facility and rest rooms. A centrally located playground sits nicely in the courtyard. The Arkansas River runs adjacent to the community, complete with a ... more

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