Development & Investment
Lucas Place Lofts, Kansas City, MO – Fund MPI 6
General information
| Acquisition Date / Target Exit Date: | January 2022 / December 2028 |
| Property Type: | Multifamily |
| Location: | Kansas City, MO |
| Asset Size (Units/SF): | 134 units / 164,792 SF |
| All-in Basis: | $20.5M, $153k/unit |
| Risk: | Value-Add Reposition |
General information
| Acquisition Date / Target Exit Date: | January 2022 / December 2028 |
| Property Type: | Multifamily |
| Location: | Kansas City, MO |
| Asset Size (Units/SF): | 134 units / 164,792 SF |
| All-in Basis: | $20.5M, $153k/unit |
| Risk: | Value-Add Reposition |
| Monetization Status: | Active, Unrealized |
Description
- Located in the Garment District of historic downtown Kansas City, MO, this 134-unit historic adaptive reuse warehouse building was built in 1910 and converted to apartments in 2014.
- The eight story, 164,792 sq. ft. brick building has loft style apartments that surround an atrium.
- The asset was acquired in an off-market transaction from the redevelopment partnership who converted the asset to apartments.
- Property location benefits from proximity to numerous downtown office buildings, the KC Streetcar and the adjacent Power & Light Entertainment District.
- Minimal additional supply forecasted over the hold period and strong market rent growth forecast of 6.0% on average.
Opportunity
- Opportunity exists to dramatically improve building management and branding to drive occupancy.
- Three phase business plan:
- Address deferred maintenance, make exterior and common area improvements; target +20% return on invested dollars.
- Lease ground floor retail space.
- Input top-tier property management team to improve closings, drive rents and reduce vacancies to sub-market benchmarks.
