Overview
Midwest CRE Advisors is pleased to offer a two-property, 72-unit portfolio in the Kansas City, MO metro area: Tall Oaks Apartments, a 52-unit garden-style apartment community located at 7001-7105 Chas Dr in Pleasant Valley, MO (Clay County, Northland submarket near Liberty), and 321 Townhomes, a 20-unit gated townhome community located at 321 W South Ave in Independence, MO (Jackson County). Both assets have recently completed renovation programs — Tall Oaks in 2023 and 321 Townhomes in 2024 — and both present in-progress, in-place value-add stories with rent growth supported by nearby comparable properties.
Tall Oaks Apartments offers an all 2-bedroom/2-bathroom, 52-unit mix (45 units at 1,000 SF, 7 units at 950 SF). Current average in-place rent is $1,104/unit ($1.11/SF), below ownership's proforma target of $1.27/SF and below nearby comparable properties averaging $1,241/mo ($1.43/SF).
321 Townhomes offers a predominantly 2-bedroom/1.5-bath, 20-unit mix (18 units at 980 SF), plus one 3BR/2BA unit and one 2BR/1BA unit. Renovated units already command a $162.86/month (15.9%) blended premium over Classic units, and two of the twenty units are currently vacant, offering an incoming buyer an immediate lease-up opportunity.
The portfolio offers investors geographic diversification across two distinct, complementary Kansas City-metro submarkets alongside in-place cash flow and clear, asset-specific renovation upside.
Investment Highlights
- Two-property, 72-unit renovated portfolio spanning complementary Kansas City-metro submarkets (Northland/Clay County and Independence/Jackson County), reducing single-submarket concentration risk.
- Embedded rent growth at both assets: nearby comparable rents support upside above current in-place averages.
- Both assets recently renovated (Tall Oaks 2023; 321 Townhomes 2024), reducing near-term capital risk while preserving upside from remaining unit turns and lease-up. Tall Oaks has some classic units remaining.
- Immediate lease-up opportunity at 321 Townhomes: 2 of 20 units are currently vacant, offering a near-term path to stabilize occupancy.
- Diversified product mix — garden-style 2-bedroom apartments at Tall Oaks and gated 2-3 bedroom townhomes at 321 Townhomes — broadening tenant appeal across household types and reducing single-product concentration.
- Single-transaction acquisition and closing efficiency: both assets are offered together from one ownership group.
- Access to a diversified Kansas City-area regional economy anchored by healthcare, manufacturing, logistics, and retail employment, including the University of Kansas Health System, Ford Motor Company's KC Assembly Plant, Amazon, Saint Luke's Health System, and Children's Mercy.
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