14 Unit Kansas City

This 14 unit was purchased as a turnkey property fully improved and leased. The apartment is located in Midtown close to all things hip(great coffee shop across the street). This was part of a successful 1031 exchange. At acquisition the building is performing at a 7 cap, 9.36% cash on cash return and 13.57 % IRR. We were able to secure 10 year non-recourse CMBS fixed loan with 3 years interest only. We are looking to do bigger value-add in this same area.