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THE KINGS

408 Units | Built 1973 & 1988

The Opportunity

Berkadia Real Estate Advisors have been exclusively retained to offer qualified investors the opportunity to purchase Lenexa Crossing, a conventional 280-unit multifamily asset located in Johnson County, one of Kansas City's most desirable submarkets.

PROVEN VALUE ADD OPPORTUNITY

  • Interior renovations have been completed on approximately 75% of the property.
  • These units have received marginal cosmetic upgrades and have well received by the market and are achieving a premium of $60 to $90 over non-renovated units.
  • A systematic approach to upgrading the remaining 25% of the ‘classic’ units will strengthen revenues and increase NOI to inherently create additional value.

 

Investment Highlights

  • Value-Add Opportunity with Proven Rent Upside
  • Current Interior Renovations Achieving Premiums of Up To $90
  • Additional Upside with a More Comprehensive Unit Upgrade Package (Cabinets, Solid Surface Countertops, Appliances, etc.)
  • Capture Additional Upside as Renewals and New Leases Are Executed
  • Affluent Johnson County Location Near the College Boulevard Office Corridor and Oak Park Mall
  • Offered with Assumable Freddie Mac Debt or Free & Clear

The Opportunity

Investment Highlights

Large unit count provides immediate scale and operational efficiency

Fully rehabbed with over $5M in capital invested since acquisition

Additional upside via increased efficiencies in RUBS program

Just Minutes from Cerner's $4.5 Billion, 16,000 Employee Innovation Campus

Property offered free & clear

THE PROPERTY

Interior Features

  • Breakfast Bar*
  • Ceiling Fans
  • Ceramic Tubs and Tile
  • Courtyard or Pool Views*
  • Dishwasher
  • Fireplace/Dry Bar*
  • Hardwood Flooring*
  • Outside Storage*
  • Vaulted Ceilings*
  • Walk-In Closets*
  • Washer/Dryer*
  • Balcony or Patio

*In Select Units

Community Amenities

  • Two Swimming Pools with Sundecks
  • Barbecue/Picnic Area
  • Carports
  • Clubhouse
  • Coffee Bar
  • Courtyard
  • Covered Parking Available
  • Fitness Center with Free Weights
  • Laundry Facilities
  • Off-Leash Dog Park
  • Playground
  • Free Access
  • Convenient Access to Public Transportation

THE LOCATION

Kansas City, MO

Document Center

Click on Documents Below to Register

CONTACT US

INVESTMENT ADVISORS

FINANCING

CHICAGO OFFICE

125 S. Wacker Drive

Suite 400

Chicago, IL 60606

312.957.7391 | Fax: 312.957.7871

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.   This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx