Midwest Multifamily Portfolio

Zimmer Real Estate Services, as exclusive advisor, is pleased to present the opportunity to acquire the Red Point, The W Apartments, and The Kapital (the “Portfolio”), three properties totaling 70 units that can be acquired together or individually.
The Kapital is a 36-unit multifamily property located in the heart of Downtown Topeka at 1306 SW Harrison St, Topeka, Kansas. The Property was fully renovated in 2022 including new roofs, mechanical, electrical, and plumbing. Interior renovations included new flooring, cabinets, stainless steel appliances and granite countertops have had a positive impact on leasing, with the Property having a 97% occupancy rate. The Property features a variety of unit types, with 12 studios, 12 one-bedroom, and 12 two-bedroom units. The Property is centrally located within walking distance of the Kansas State Capitol, five minutes from Washburn University and University of Kansas Health System St Francis Campus. Less than a mile from Interstate-70, the location offers quick access to other markets nearby including Lawrence and Kansas City. The Topeka multifamily market has seen strong year-over-year market rent growth of 6.1% in a supply constrained market.
The two Kansas City properties are located in the highly desirable Midtown submarket of Kansas City, Missouri within walking distance to many of Kansas City’s most popular restaurant and entertainment districts. The W Apartments consist of 12 one-bedroom units that are 100% occupied. Red Point consists of 22-units, with a mix of 10 one-bedroom and 12 two-bedroom units that are 100% occupied. Red Point offers attractive low risk assumable financing at 4.10%. Both properties went through a full renovation in 2020, including new roofs, solar panels, mechanical, electrical, and plumbing. Interior renovations included new flooring, cabinets, stainless steel appliances and granite countertops. Situated within walking distance of the newly expanded $350M Kansas City Streetcar line, the properties Midtown location offers residents easy access to transportation, shops, and restaurants. Kansas City’s multifamily market has seen strong growth over the past year, with 3.7% annual rent growth, significantly outpacing the national average of 0.9%.