- Ultra-Desirable Location Near Key Area Demand Drivers
- Strong Historic Operations With Solid Fundamentals
- Ability To Capture Huge ~$250+/Unit In Upside Through Value-Add
- Opportunity For Additional Value-Add Upside After Decontrol Period
- Immediate Lihtc To Market-Rate Conversion (Cross Creek Apartments & Townhomes)
- First-Class Outdoor Amenity Package
- Available Individually And As A Portfolio
- Offered Free And Clear Of Existing Debt
Ultra-Desirable Location Near Key Area Demand Drivers
Cross Creek Apartments and Townhomes is surrounded by extensive retail and office space, with immediate access to Hwy K-96. Major area employers—including Wichita State University and Koch Industries which provide a combined 6K+ jobs to Wichita residents—are located just 3 miles from the property. Further, the highly attractive low vacancy rate in the Northeast Wichita submarket is well below the national average at 2.5%, which speaks to the clear demand for apartment housing in the area.
Located in the award-winning Maize School District, Berkshire Apartments and Townhomes is situated in a prime suburban location in the midst of the #1 School District in Wichita, which received a “A” rating from Niche. Within a short radius in every direction is a multitude of dining, retail, and entertainment offerings, which provides residents with quick and convenient access to the very best the area has to offer—including Sedgewick County Zoo, Reflection Ridge Golf Course, and New Market Square Mall, just to name a few.
Strong Historic Operations with Solid Fundamentals In-Place
Both properties have historically operated well with healthy trailing operations which shows strong historic occupancy and collections. Therefore, new ownership will acquire the asset with exceedingly solid fundamentals already in place so that new ownership can focus on executing the interior improvements.
Capture ~$250/Unit in Value-Add Upside Through Interiormodernization
Cross Creek Apartments and Townhomes offers the ability to increase rents immediately which will allow a new owner to execute and interior renovation strategy. Given the support from comps in the submarket, rents can be increased by a staggering ~$250+/unit after modernizing the unit interiors.
Berkshire Apartments and Townhomes offers the opportunity to increase rent by $160+ on the majority of units (84% of the property is unrestricted). The remaining 16% (39 units) have rent and income restrictions through 2023. Upon the natural completion of the requirements of the Land Use Restriction Agreement in 2023, a three-year decontrol (market rate conversion) period begins upon which a similar value-add approach can be applied to achieve a similar rent increase of ~$160+!
