- UPGRADE PREMIUMS OF $175+/UNIT
- EXCEPTIONAL BUILD QUALITY
- METICULOUSLY MAINTAINED AND MANAGED
- ATTRACTIVE UNIT LAYOUTS AND CARPORTS OFFERING ADDITIONAL UPSIDE
- CONVINIENT TOPEKA LOCATION
- SUPPLY CONSTRAINED MARKET
- STRONG LOCAL DEMAND DRIVERS
- OFFERED FREE AND CLEAR OF ANY EXISTING DEBT
UPGRADE PREMIUMS OF $175+/UNIT
Cosmetic upgrades to the kitchen cabinets, adding wood-look flooring, upgrading countertops, new appliances, an updated lighting package as well as upgraded bathrooms have been proven to be in demand at comparable properties in the immediate submarket. Currently, White Lakes features well-maintained classic condition units across the entire asset, allowing new ownership to focus on income-producing upgrades from day one. Based on competitive properties, anticipated market rent growth is $175+/month across all units leading to annual revenue growth of over $300,000!
White Lakes features attractive brick buildings that are both timeless and low maintenance. Perimeter fencing and gating fortify the property giving it a campus-like feel and separating it from the surrounding retail amenities. The combination of the beautiful brick construction and exterior provides for a quaint, peaceful feel while being just steps away from multiple neighborhood retail amenities.
Current ownership has homed in on operations and asset preservation providing new ownership the opportunity to take over solid operations from day one and focus on renovating units and pushing rents across the asset. Currently, the property is 98.6% occupied and there is no bad debt on the trailing 3 months. The property also features very few exterior capex needs as current ownership and management teams have worked to resolve any capital expenditure needs that arise.