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Oak Ridge Park is a 194-unit apartment community located in Olathe, KS. The property was constructed in two phases, Phase I built in 1997 and Phase II built in 2002, located on a 15.50-acre site. It was 100% occupied at the time of acquisition and has been for years prior. Bolstered by high demand for housing in south Johnson County, the property is poised to capture $256 monthly rent premiums as we invest over $2MM of capital improvements, both interior and exterior. To mitigate interest rate risk with the current debt market volatility at the time of acquisition, UnitedPoint Capital assumed the 10-Year Fannie Mae fixed-rate loan and the affiliated Supplemental Loan. A majority portion of Oak Ridge Park is a Tax Credit Housing property (LIHTC). The unit mix consists of 37% one-bedroom and 63% two-bedroom units.
Acquired completely off-market, Holmesbrook Townhomes are an excellently maintained, mid-1980’s vintage community in the heart of South Kansas City. Conveniently located off I-435 and Holmes Road, the property consists of 28 two-bed, one-and-a-half bath units tucked quietly behind multiple shops and restaurants. With new roofs and exterior paint completed by previous ownership, UnitedPoint Capital is able to focus strictly on interior renovations and management efficiencies. The interior renovation will provide the ability to grow rents that have not been increased in over a decade.
The Historic Residences of Dutch Hill is a well-located, Class B+ Garden/Low Rise multifamily asset consisting of 36 units across 4 buildings built between 1912-1923 in the Midtown area of Kansas City, MO. Previous ownership did an extensive renovation including gut-rehabbed interiors in 2006-07 using Historic Tax Credits. During the renovation, all buildings received new electrical wiring, plumbing, roofs, and windows. Twelve units were renovated again in 2021 proving out additional upside through continued renovations. UnitedPoint Capital intends to complete the remaining renovations and bringing all rents to market rate. The Property is less than half a mile Southeast of Crown Center, a shopping and entertainment district with numerous resident and tourist attractions. It is also located two blocks north of the bustling “Martini Corner”, a hip and growing district with numerous shops, bars, and restaurants.
The Harrison Point Apartments are in Olathe, KS at a high traffic intersection with close highway access. The asset was constructed in 1969 with the unit size being much larger than nearby competing properties. The property benefits from being located near schools, retail, office buildings, governmental agencies, and overall a thriving submarket of Kansas City. UnitedPoint Capital will deploy a substantial amount of capital expenditure to improve exterior conditions as well as renovate unit interiors. In addition to undergoing a large renovation, there is also considerable upside operationally through management efficiencies.
The Havencroft Apartment community is a 74-unit property located in Olathe, KS. This property was financed with Freddie Mac agency debt and 100% leased at the time of acquisition. Olathe, KS is a strong, suburban submarket of the Kansas City MSA with major employers such as Garmin, Honeywell, and Olathe Medical Center. The population growth in Olathe has seen nearly +12% since 2010, and is home to 140,000+ people. It is a suburb within the southwest part of Kansas City metropolitan area with a highly regarded school district. Located just a few blocks away from Mid-America Nazarene University, the property also has quick access to I-35.
Hale Street Apartments is a well located 11-unit apartment complex in Spring Hill, KS. This market is south of Olathe, KS and the property is in the desirable Johnson County submarket. Spring Hill is one of the fastest growing cities in the state of Kansas and has excellent demographics. It is home to many that do not want to pay the high cost of living in Johnson County, yet still remain very much a part of the Kansas City Metro. This property was acquired with strong cash flows in place, but some capital improvements and unit improvements will be implemented, in order to perform at its highest and best.
This 12-unit garden style apartment is located on the main strip in Basehor, KS and is included in the Kansas City MSA. The property has excellent visibility and is in between Basehor-Linwood High School and City Hall. It is about 10 minutes west of the Kansas Speedway, Hollywood Casino, and the very popular Legends Outlets. Median household income in Basehor is just shy of $80,000, coming in about 20% higher than Kansas City. Median house value is over $240,000. This property will need a substantial renovation inclusive of exterior/interior capital upgrades, cosmetic upgrades to every unit, and a tenant base turnover. It is an excellent value add opportunity with large upside that we will capture when the business plan is fully executed and complete.
The 5th Street apartments are located in Grandview, MO. Grandview is located south central within the Kansas City MSA, bordering both sides of 49 highway ~ a corridor that runs north-to-south directly through Kansas City. It is an essential and convenient area to many local citizens that commute daily to Kansas City proper. This asset includes nine 1-bedroom units that have all utilities separately metered and paid for by the tenants. This property required a full renovation and tenant base turnover in order to properly stabilize and achieve the projected business plan.
The 41st Street Apartments required a multiple six figure, top-to-bottom renovation along with an entirely new tenant base. This property was in very poor condition upon acquisition, but renovated to a standard that now attracts those who desire to be in a central location and fully renovated property. Washer & Dryers were added to each unit in order to ultimately increase the property’s value. This is a 6-unit property that is in the Midtown-Westport area of Kansas City, with KU Medical Center and the Country Club Plaza within walking distance. It is considered a highly desired location.
This 18-unit portfolio of small multifamily assets contain properties that have undergone substantial renovation and stabilization. They now command market rent and qualified tenants. These properties are in attractive locations that include Kansas City, Raytown, and Lee’s Summit. It consists of duplexes and 4-unit apartments; All properties are located within the Kansas City MSA with an average per unit rent of over $1,000/mo.
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