UnitedPoint Capital has acquired the Oak Ridge Park Apartments in Olathe, Kansas. The 194-unit community, consisting of one and two bedroom units, is located in a well-established and affluent area of south Johnson County, directly across the street from the Garmin National Headquarters. 124 of the units at Oak Ridge Park participate in low-income housing tax credit (LIHTC), which provides much needed affordable housing, yet also in a uniquely desirable area. Rent restrictions are calculated based on 60 percent of the adjusted median income for that geographic location.
UnitedPoint Capital will invest a substantial amount of capital into the property over a three-year time frame to upgrade the community. This includes painting and repairing building exteriors, improved landscaping, upgrading the clubhouse, and installing a dog park. The interior units will be fully upgraded to a premium level finish that includes stainless steel appliances, granite countertops, new cabinet hardware, fresh paint, and luxury vinyl plank flooring.
UnitedPoint Capital Principals Brooks Mosier and Nick Barela have extensive experience in revitalizing multifamily property as well as improving neighborhoods. They have acquired multifamily properties ranging from duplexes to several hundred-unit apartment complexes. The company stabilizes and revitalizes the asset, bringing the condition up to what is currently desired by today’s prospective tenants. With housing being so unaffordable and the lack of supply, renting has become more attractive to people. UnitedPoint Capital has been able to fill a much-needed gap where they provide a wonderful community to live in that residents are proud to call home.
Brooks leads, implements, and executes UnitedPoint Capital’s primary investment strategy. Nick blends a valued and unique skill set that specializes in the construction and business aspects of implementing the revitalization. Nick has more than 17 years of real estate experience with a thorough understanding of the entire construction side of the business. The duo are skilled in structuring and closing deals with an extensive list of knowledgeable resources in the industry.
“We specialize in acquiring and stabilizing multifamily assets. We add value through renovation, management efficiencies, and operational excellence. We’re very excited about Oak Ridge Apartments because it is already a very well-kept property, and also a well-run property. We’re going to add touches and renovate to where the next 20 years it will remain in great condition for the staff and residents,” noted Nick.
“I think that Oak Ridge Apartments really threads the needle on bringing much needed affordable housing to our community, but specifically provides that housing in a great area of town. It is the best of both worlds and something that has been lacking. We’re very excited for this project,” said Brooks.
UnitedPoint Capital also owns two other complexes nearby in Olathe.
UnitedPoint Capital’s Brooks Mosier and Nick Barela have extensive experience not only in buying and selling single family homes, but also multifamily real estate. UnitedPoint Capital acquires multifamily properties ranging from duplexes to several hundred-unit apartment complexes. Brooks and Nick have been involved in a myriad of different types of transactions that include full clear-out rehabs with total reposition of multifamily assets, and momentum value-add apartment repositioning. Past multifamily deals range from multiple six-figure renovations, to slight improvements on managing the property more efficiently in order to add value and capture equity. The company stabilizes and revitalizes the asset, bringing the condition up to what is currently desired by today’s prospective tenants.
Working with an experienced investor who is familiar with the financial breakdown of a commercial property can ensure a smooth transaction, especially when it comes to tenants, leases, expenses and what is involved in necessary building renovation projects. Nick brings a valued and unique skillset in the business plan of the apartment buildings that UnitedPoint Capital acquires. Nick brings more than 17 years of real estate experience and has a thorough understanding of the entire construction side of the business. The duo are skilled in structuring and closing deals with an extensive list of knowledgeable resources in the industry.
“We go the extra mile to make it a smooth, win-win transaction, all the way from contract to closing. It’s not all about the next real estate deal, it’s about relationships and bringing a track record of success, closing on deals, and achieving execution of the desired business plan,” said Brooks. “So, if you have an investment property that you are considering selling, contact us. We are actively looking to add additional units to our portfolio. Selling directly to a buyer and avoiding brokerage fees has its advantages for both the buyer and seller of an apartment complex. As of recent years, there has been more significant coastal interest in acquiring property here in Kansas City, but we are active hometown buyers looking to acquire more multifamily property.”
UnitedPoint Capital is interested in both long-term buy and hold properties as well as renovating and repositioning multifamily assets. For more information about UnitedPoint Capital, visit them online.