Woodcrest Apartments | Apartment Conversion with Below-Market Rents | 112 Units | Kansas City, MO

9900 NW Prairie View Rd Kansas City, MO 64153

  • 66,640 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

Woodcrest is a 112-unit apartment asset in the Northland submarket of Kansas City. The property is located near the intersection of Interstate 29 and Tiffany Springs Parkway, just one mile south of the Kansas City International Airport and two miles north of the submarket’s premier shopping destination, Zona Rosa. Woodcrest was originally developed as an all-suite hotel, and in 2017 was converted to an apartment community by the same developer. The property began leasing in June 2017 and achieved a leasing velocity of 13 units per month, demonstrating healthy demand for Class B product in the submarket.

Apartment Conversion

Originally developed as an all-suite hotel, the property was converted to apartments in 2017 and has been well received by the market. At 88.96% occupied and 96.43% leased, Woodcrest has experienced a healthy lease-up averaging 13 units per month.

 

Below-Market Rents

In the initial lease-up the Property achieved rents averaging $50 above profroma and yet remains 25% below the submarket average.

 

Furnished and Contract Premiums

The property benefits from its close proximity to the Kansas City International Airport as demonstrated by two organizations paying premiums on furnished units and group contracts for employees who require long-term stays.

 

Capital Investment

During the conversion the property received over $2.2M in capital improvements including parking lot resurface, flooring replacements, countertop upgrades, and a retrofit of the clubhouse including a fitness center addition.

 

Unit Modernization

All cabinetry in kitchens and bathrooms remains original, offering investors continued opportunity to increase yield through strategic upgrades.

Area Available: 66,640 Square Feet

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