Real Smart Asset℠ in partnership with Waypoints Equity acquired 47 units of student housing apartments next to Kansas University in Lawrence KS. This building has a mix of studio, 1bed, 2bed, and 3bed units which will undergo minor interior refinishes. Located directly next to the state's largest university, Sunrise Terrance apartments offers investors a chance to diversify their portfolio as students return to college campus' post pandemic. We are excited for the future potential of this Value-add student housing project.
Windsor Townhomes is a 60 unit community is in the KC suburb of Platte City, with 100% occupancy, strong growth potential, for a nearly new construction project. We completed this project together with Waypoints Equity for a successful raise, close and operations.
MAPLE FLATS is a 72 unit stabilized property in the Northeast of Kansas City. The project is recently renovated yet still offers opportunity for common area value-add. Our accredited investors receive a preferred return and equity participation.
REDWOOD is a stabilized townhome property in the suburb of the Kansas City KS metro with strong occupancy, opportunity for value-add, and significant upside from operational efficiency. Large basements offer bonus room potential for laundry, utility room and a 2nd common area. The exterior has beautiful grown trees, plenty of parking and 2 basket ball courts.
MAYFAIR is a multi-tenant retail space with excellent corner frontage, lots of parking, light commercial and secure rear access. Business tenants looking to grow within the densly populated and underserved Northeast market will be well positioned in the Mayfair conrner.
Chestnut is a 26 unit Co-Op with a mix of 1bed and 2bed units within a beautiful open space on the main cross streets in the Northeast. This project has signifigant value add, a new engineered parking lot, and located near retail for high walkability.
Our first apartment building purchase was two 1920's brick buildings we call Gladstone. The units were 50% occupied and were renting for up to $600/mth. We replaced roofs, performed grading, and installed new electrical boxes. We also remodeled the interior of all the units, retaining the natural charm of the historic building, while upgrading newer features like appliances and digitial door locks. Our tenants now pay $700+$45 per month rent. In 2020 we refinanced pulling out 90% of our initial down payment while keeping strong cashflow moving forward. During our 2 year project we also had the great opportunity to build and work with an amazing team, meet wonderful tenants, and get to know neighbors committed to improving the community.
Pendleton Heights Apartments was a dilapidated mid-1960s 18-unit apartment building. We purchased the property for $535k and immediately began a full renovation of all unit interiors as well as decks, stairs, lighting and paint which cost $550k. Rents were $695-$735/mth at acquisition. The property is now 100% occupied with tenants paying $885 +$65/mth. We received multiple offers in 2020 at $1.65M and decided to take the property to permanent debt, performed a cash out refinance and will continue to cashflow.
We partnered in a real estate syndication to acquire Oak St Mansion, a luxury boutique AirBnB-hotel at Nelson-Atkins Art Museum near the Plaza, Kansas City's premium outdoor shops. As a 20% limited partner, we learned what works well and what we would do differently in a managing our own real estate partnership.