Odyssey Properties Group is pleased to announce the recent, successful closing of the Carlyle Apartments – a value-add investment opportunity. The Carlyle is a 436-unit apartment complex, well located in Shawnee, Kansas – a highly desirable submarket in Kansas City. The property was purchased for $27,550,000 and is 95.41% occupied. The lender’s appraisal value was $27,900,000 with a stabilized, post renovation value of $38,800,000. The Carlyle will be another strong performing asset for our growing portfolio.
This acquisition increases our multifamily holdings in the Kansas City MSA to 1,090 units (soon to increase by an additional 434 units by late June).
The property stands to benefit from our proposed $5,450,000 rehab program which will include an upgraded leasing and fitness center, pool and sundeck, exterior upgrades, an upgraded interior unit technology package, improved landscaping, new signage, and additional exterior lighting. The building interiors 294 of the 436 (67%) apartment units will be fully upgraded over the first three years of ownership. The upgraded units will position us to increase rents and consistently improve the tenant base. Initially, these upgraded units will receive a proposed rent increase of approximately $151/month for upgraded units. The scope of work will update the property for today’s tenant needs/interests, enhance our ability to better market the property, and improve the property aesthetics for the short and long term. More importantly, it will enable us to achieve higher rents and occupancy.
