- Property is 100% Leased and 97% Occupied | Including a 20% Loss to Lease
- Proven Operational Value-Add with Very Little General Cap Ex Needs
- Low Vacancy Submarket with No New Construction | Average Occupancy 98.5%
- Offered at a Very Attractive Basis
- Great Connectivity to Demand Drivers
Upside of $236/Unit/Month with Strategic Interior Renovation Package
Prairie Apartments enables new ownership to realize significant rent premiums of an average of $236/unit/month through the renovation of unit interiors including new appliances, painted or refaced cabinets, resurfaced countertops, new flooring, a modern paint scheme, and upgraded fixtures.
Strong Property Operations | Currently 96% Occupied
Prairie Apartments is currently 96% occupied and has historically AND consistently performed at high levels. The property presents a unique opportunity to acquire a well-maintained asset, with stabilized operations, strong cash flow, and significant upside potential.
Low Vacancy Submarket with No New Construction | Average Occupancy 98.5%
The immediate submarket and rental comps have an average vacancy rate of 1.5%, and there have only been 108 units delivered in the submarket over the last 10 years. Supply of modernized, well-appointed units is extremely limited, and these low delivery numbers give owners in the market confidence that their occupancy will remain strong, even as they make strategic interior upgrades and push rents. Further, the top-end of the market has not been tested.
