72 Units | Built 2016

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

Investment Highlights

Affluent Texas Hill Country Location Withing Austin MSA

Luxury Living in the Hill Country | Future Amenity Potential

Rare Investment Opportunity with Extremely High Barriers to Entry

Zoned to Highly Regarded Wimberley ISD

All Cash Transaction

THE PROPERTY

Interior Features

  • Fully Equipped Gourmet Kitchen
  • Under Cabinet Lighting
  • Modern Cabinets
  • Granite Counter Tops
  • Breakfast Bar
  • GE Appliance Package
  • Faux-Wood Flooring
  • Brushed Nickel Nobs and Pulls
  • Ceiling Fans
  • Designer Carpet in Bedrooms
  • Scenic Views*
  • Walk-In Closets
  • Patio | Balcony
  • Full-Size Washer | Dryer Connections

*In Select Units

Community Amenities

  • Convenient Location to Schools
  • Dog Park
  • Lush Landscaping
  • Outdoor Grilling Stations
  • Close to Hiking and Bike Trails
  • Clubhouse

THE LOCATION

WIMBERLEY, TEXAS

2018 Estimated Population: 3,200 21.5% Growth Since 2010

High Median Income $71,662 vs $58,018 Across the State of Texas

Housing Values are Very High $457,400 vs $180,000 Across the State of Texas

Cypress Creek

Nestled into one of the prettiest spots in all of Texas, Wimberley sits on prime Hill Country terrain at the confluence of Cypress Creek and Blanco River. Families and outdoor types are drawn to the area for its charming small-town life and unparalleled natural beauty.

Texas' First One Water School Opening 2020 Directly Across the Street from Woodcreek

Document Center

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CONTACT US

Investment Advisors

JUSTIN COLE

Director

justin.cole@berkadia.com

512.226.8711

Financing

ANDY HILL

Managing Director

andy.hill@berkadia.com

512.226.8705

AUSTIN OFFICE

901 S. MoPac Expressway

Buildig Two, Suite 430

Austin, TX 78746

512.226.8700

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