Berkadia’s Mid Markets Sales Team is pleased to present the 80-unit Belton Crossing community, a recently rehabbed property that sits in the center of Belton, a quiet city within the Kansas City MSA. Belton Crossing’s location is ideal as it sits adjacent to shopping, dining and entertainment options within Belton proper, but also provides easy access to major area highways I-49, I-435 and I-470, that provides convenience access and an edge of transportation Downtown Kansas City in less than 25. Belton also sits within minutes of Honeywell’s & The Department of Energy’s new 1.5MM SF National Security Campus that produces components to safeguard our national defense systems and employs 2,700. It also sits just south of the Centerpoint Intermodal Center, a 370-acre rail-to-truck transportation hub that – at full build-out – will be surrounded by a 970-acre industrial park.
Current ownership purchased this property in mid-2017 and after operating it for a few months as-is, chose to clear out all existing tenants in order to completely remodel the entire property. During the Summer and Fall of 2018, they invested over $1.2MM into rehabbing all unit interiors, replacing the siding and the roofs, and completely rebuilding the front entry decks and stairs, as well as the back balconies. Then they began the process of leasing up all of the units once again. New ownership can come in and take advantage of the fact that all the “heavy lifting” has been completed and focus exclusively on increasing operational efficiency – and driving top-line revenue – by pushing occupancy and burning off in-place concessions. There also exists a legitimate mark-to-market opportunity with current rents lagging the competitive set. The washer/dryer hookups installed in 70 of the units provides new ownership the opportunity to generate significant additional revenue of at least $50 per unit per month via the installation of those washer/dryers.