- Two property portfolio totaling 141 units in the Kansas City MSA
- Upside potential at both communities | Proven upside at both properties
- Exceptional high-growth locations near major demand drivers, great connectivity to highways, proximate to national retailers and restaurants
- Cleans assets with significant capital spent at both communities
- Class A multifamily construction communities in both submarkets setting new, never before achieved, top-end rents
- Exceptional trailing operations with strong revenue trends
- Ownership will review offers both individually and as a portfolio
- Both assets are offered free and clear of existing debt
Stone Oak
PROVEN UPSIDE! PREMIUMS OF $140+/UNIT WITH INTERIOR ENHANCEMENTS
The property demonstrates a proven business model for the upgrade package that can be continued property-wide. Stone Oak offers 62 truly vintage unit interiors (65%) that are primed for modernization. Cosmetic upgrades to the kitchen cabinets, adding wood-look flooring, upgrading countertops, new appliances, an updated lighting package as well as upgraded bathrooms will allow a new buyer to push annual rental income by more than $162,000 on these newly renovated units!
$162,000+ OF ADDITIONAL INCOME VIA UNIT INTERIOR MODERNIZATIONS
Stone Oak provides the ability for new ownership to realize significant rent premiums through the continuation of a PROVEN and well-received value-add renovation program with $140+/unit rent increases.
35% of units (33/95) have been renovated, providing a strong base of renovated units that have proven to be desirable at the property. By moving the remaining 62 classic unit rents to the upgraded rent, $162,960 in additional rent revenue can be achieved.
Belton Heights
UPSIDE POTENTIAL ACROSS THE ENTIRETY OF THE PROPERTY
Belton Heights has not completed a systematic approach to upgrades and has focused on high-quality unit turn over. A systematic interior renovation program has not been implemented at the property. With some light capital invested into the unit interiors $5100 rent premiums can be achieved.
ADD VALUE WITH LIGHT COSMETIC INTERIOR UPGRADES
The 45 units at Belton Heights are exceptionally well-maintained and have greatly benefitted from generous capital expenditures in recent years. With a combination of the below listed upgrades, an additional $100 in rent upside can be achieved.:
- Resurface Countertops
- New Modern Paint Scheme
- New Fixtures
- Painting Kitchen Cabinets
- Luxury Carpet in Bedrooms
