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 City bike path. The property is professionally landscaped with colorful flowers throughout the area.
For more information about this or other investment opportunities in the Kansas City metro, call Paul Surles at 816-823-4400 or e-mail at psurles@gmail.com.
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