- Market Rate Senior (55+) Community in a Low Competition Submarket
- Primed for Value-Add Implementation Through Interior Modernization
- Significant Demand for Affordable, 55+ Independent Living Housing
- Robust Amenities Package and Unique Features
- Prime Location with Amenities for Active Seniors
- Tax Abatement Benefit that Runs Through 2031
- Offered Free & Clear or with Assumable Financing
Market Rate Senior (55+) Community in a Low Competition Submarket
In recent years, research shows the population of senior citize ns has expanded significantly as the number of residents in the 55+ age group increases. The Raytown submarket only has only two existing 55+ market rate properties over the 75-unit threshold, totaling just under 200 units (including Elliott Place). Moreover, Kansas City, MO, features a total of 38 market-rate senior properties, encompassing 6,567 units in complexes with more than 75 units across the entire metro area. With a 55+ population of approximately 657,119 in the Kansas City MSA (Raytown included), the demand outweighs the supply of strongly amenitized, age-restricted housing.
Primed for Value-Add Implementation Through Interior Modernization
With largely original, vintage interior finishes, Elliott Place is primed for an outstanding opportunity to achieve rent upside of $100+ per unit monthly with moderate interior upgrades. Upon completion of moderate cosmetic upgrades including kitchen countertop and backsplash a reas, cabinet pulls, plank flooring, updated fixtures and lighting packages, new ownership will have the remarkable opportunity to significantly push gross annual rental income by $150,000+. Additionally, new owne rship will benefit from all new roofs in 2025, reducing near-term capital expenditure needs and enhancing long-term asset durability.
Significant Demand for Affordable, 55+ Independent Living Housing
The U.S. active adult (55+) community market size was valued at $565.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.01% from 2022 to 2030. Increasing demand from baby boomers, reduction in the stigma of retiring, and growing interest of investors in senior living facilities are driving the market. Additionally, many 55+ workers elected to retire early due to Covid-19, which has led to increased demand in the short-term as well.