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Metcalf 79

280 Units | Built 1984 / 1985

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

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Investment Highlights

Exceptional, Luxurious Value-add Opportunity

Premier Walkable Location in the Heart of Downtown Overland Park

Clear Revenue Upside Given New-Construction Rents in the Submarket

Floor Plan Reconfigurations Offer Open-Concept Design and Luxury Lifestyle Potential

Excellent Candidate for TIF Benefits as Part of Overland Park’s Vision Metcalf Plan

Fully Modernized Clubhouse and Amenity Package

THE PROPERTY

Interior Features

  • Slated Finish Appliances*
  • Calcutta Quartz Countertops and Waterfall Finish*
  • Black Sink and Faucet*
  • Herringbone Backsplash*
  • Self-closing Two-Tone Cabinets with Antique Brass Finishes*
  • LED Lighting Package with Under Cabinet Lightning*
  • In Ceiling Speakers*
  • Engineered Hardwood Flooring*
  • Floating Shelves*
  • Shiplap Walls*
  • Built in Fireplace and TV*
  • Barn Doors
  • Walk-In Closets
  • Patio / Balcony
  • Extra Storage

*In Select Units

Community Amenities

  • Two Sparkling Saltwater Pools
  • New, Beautifully Remodeled Clubhouse
  • Fitness Center
  • Business Center with Computers, Printers and Fax Machines
  • Laundry Facility in Each Building
  • Barbecue Grills and Picnic Areas
  • Storage Space
  • Playground

THE LOCATION

Downtown OVerland Park

Average Population

191,278

7.8% Forecasted Population

Growth by 2023

32% Rent Occupied Units

Compared to 30% for Metro KC

Cerner Corporation

Downtown Overland Park is within five minutes of Interstate 35 (I-35) and U.S. Highway 69 and within 10 minutes of I-435, connecting residents to some of Greater Kansas City’s largest employers, such as Sprint Corporation, Cerner Corporation, and The University of Kansas Hospital.

Sprint Corporation

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CONTACT US

Investment Advisors

KANSAS CITY OFFICE

4800 Main Street

Suite 501

Kansas City, MO 64112

816.531.2884 | Fax: 816.531.6188

Berkadia.com

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