- Upgrade Premiums Of $175+/Unit Via Interior Renovations
- Significant Recent Capital Expenditures
- Additional Fee Income Offers Substantial Additional Upside
- Prime Location Near Downtown Topeka
- Supply Constrained Market – Very Few Deliveries
- Central Location | Exceedingly Strong Local Demand Drivers
- Offered Free And Clear Of Existing Debt
Upgrade Premiums of $175+/Unit via Interior Renovations
Cosmetic upgrades to the kitchen cabinets, adding wood-look flooring, upgrading countertops, new appliances, an updated lighting package as well as upgraded bathrooms have all been proven to be in high demand given the exceptional lease-up that has already occurred for the renovated units on site.
Currently, Deer Creek features a majority of well-maintained classic condition units across the asset, allowing new ownership to focus on income producing upgrades from day one. By leasing up recently renovated units and renovating the classic units investors will be able to achieve annual revenue growth of $500,000+!
Significant Recent Capital Expenditures
Current ownership has honed in on asset preservation, which enables the ability for a new investor to take over and focus on renovating units and pushing rents across the asset.
With 32 upgraded units to date, the property is currently achieving $100 per unit in rent premiums. There are also very few exterior CapEx needs, as current ownership and management teams have worked diligently to resolve any immediate needs as they arise.
Additional Fee Income Offers Substantial Additional Upside
With the addition of a market utility reimbursement program new ownership has the ability to increase utility reimbursements $45,000+ in total over the trail 12 months financials.