13901 Grandboro Lane, Grandview, MO 64030

Property Description

Call for offer date is August 28th at 3pm CST. Stabilized asset with assumable loan at 3.1% maturing in 2032 – eligible for supplemental with NOI increases. Douglas Place Apartments is a 121-unit garden/low-rise complex located in Grandview, Missouri. The asset is comprised of nearly 9-acres with 12 two & three-story buildings, a dedicated on-site management office, courtyard/picnic area and 274 off-street parking spaces. The value proposition of the property is strengthened by its diverse selection of spacious floor plans – with an average unit size of 920 square feet – featuring a mix of apartments (studio, 1BR, 2BR, 3BR) and townhome units (3BR & 4BR), a unique offering in Grandview. Douglas Place provides excellent commuter accessibility to highways/interstates as Grandview sits at one of the most advantageous spots in greater Kansas City adjacent to the greatest merging of traffic in the area: three interstates (I-49, I-35 and I-70), one state highway (HWY 150) and two four-lane highways . Douglas Place boasts a strong occupancy history, currently stabilized at 93%. Since acquisition, current ownership has made substantial capital improvements to both the buildings and individual units. The asset offers investors the opportunity to assume a highly competitive in-place loan and unlock additional value through organic rent growth, renovations to the remaining 23 classic units and the potential addition of common area amenities on the excess land. Located in South Kansas City/Grandview — the top-performing submarket in the region — the area recorded the highest year-over-year asking rent growth in Q1 at 3.5% (source: CoStar). Douglas Place is well serviced with major employers including the Honeywell NNSA Campus, the new Southview Commerce Center and Dayton Freight. The lack of new construction in Grandview ensures continued strong demand from renters.

Listing Status:

Active

Listing Office:

Compass Realty Group : 816-280-2773

Listing Agent:

Brice Bradshaw : 913-219-7074

MLS ID:

2565441

Interior

• A/C: Electric
• Heating: Forced Air

Exterior

• Parking: Off StreetParking spaces: 274

Construction

• Roofing: CompositionSynthetic

Location

• HOA Amenities: 0.0
• Originating MLS: hmls
• School District: Grandview
• County: Jackson

Lot

• Zoning: RSOUTHERN ACRES---PT LOT 21 DAF: BEG NE COR LOT 5 CENTURY PARK TH S 20' TO TRU POB TH E 305' MOL TH S MOL TH N 669' MOL TO TRU POB67-510-03-03-00-0-00-000

Utilities

• Utilities: Cent Water HeaterSeparate Meters
• Water: Public
• Sewer: Public Sewer

Financial

• Source: hmls

This listing courtesy of Brice Bradshaw, Compass Realty Group