Overland Park, KS Hotel Conversion (143 Units)

Here is why we love this deal!

Kansas City Metro, Strong Demographics

  • 9%+ population growth since 2012
  • 6 Fortune 500 companies and 22K jobs were created in 2022
  • Apartment vacancy: 2.8%

Overland Park Submarket

  • NEWHomeSource's #1 pick for best suburb in KC
  • Median household income $91K
  • 20 minutes to downtown KC
  • School ranking: A+
  • Named 15th best city in the country for finding a job by WalletHub (2021)

Value-Add Opportunity

  • $7.66M purchase price, well below $12M appraisal in 2019.
  • Cap rate arbitrage converting from hotel to multifamily
  • Virtually brand new A-Class apartment community with loads of amenities: Fitness, dog park, pickle ball, and BBQ
  • Making a pet-friendly community will increase demand and drive pet rent collections

Great Financing

  • 5-year fixed 5% interest rate, two years of Interest only

Strong Targeted Returns

  • Average Annual Return: 20+%
  • Cash on Cash (excludes sale): 7+%
  • Conservative underwriting

Experienced Team

  • The 4th hotel conversion by this team
  • “Boots on the ground” local sponsor
  • 15+ years of real estate investment experience
  • Licensed General Contractor
$50K minimum investment. 506c - Offering (Accredited Investors)