- POTENTIAL RENT UPSIDE OF $250/UNIT WITH INTERIOR ENHANCEMENTS
- CLEAR OPERATIONAL UPSIDE
- HIGHLY DESIRABLE UNIT MIX OFFERING LARGE TOWNHOMES AND TRADITIONAL GARDEN UNITS
- PREMIER TOPEKA LOCATIONS
- SUPPLY CONSTRAINED MARKET
- STRONG LOCAL DEMAND DRIVERS
- OFFERED FREE AND CLEAR OF ANY EXISTING DEBT
- ADDITIONAL UPSIDE THROUGH UTILITY CONSERVATION EFFORTS
POTENTIAL RENT UPSIDE OF $250/UNIT WITH INTERIOR ENHANCEMENTS
Topeka 406 offers the ability for new ownership to implement property-wide interior upgrades across both assets. Whispering Pines offers 281 truly vintage unit interiors that are primed for modernization and the remaining 39 units offer significant rent upside through further improvement beyond what has already been done. Cascade currently has only one renovated unit providing room for improvement across the entirety of the property. Proven upgrades across comparable assets include cosmetic upgrades to the kitchen cabinets, adding wood-look flooring, upgrading countertops, new appliances, and updated lighting package as well as upgraded bathrooms will allow a new buyer to push annual rental income by more than $1,100,000 on these newly renovated units!
CLEAR OPERATIONAL UPSIDE
The Portfolio provides the ability for new ownership to realize significant property revenue increases and expense efficiencies portfolio-wide through a hands-on management approach. Occupancy at Whispering Pines and Cascade Apartments Homes historically has trailed the market due to the current management company lacking a local presence as well as ownership having limited consistent access to the properties and their physical needs. Current ownership has recently generated forward momentum in leasing and management that new ownership can continue to improve upon.
HIGHLY DESIRABLE UNIT MIX OFFERING LARGE TOWNHOMES AND TRADITIONAL GARDEN UNITS
With a mix of both garden and townhome unit types, as well as layouts ranging from spacious 727+ SF high-demand one-bedroom, two-bedroom units starting at over 960 SF, and three-bedroom townhome units of over 2,200 SF Topeka 406 has a diverse range of unit types and sizes that will appeal to a wide range of renters, from students to young professionals and small to large families.
