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909 Walnut Offering

Property Overview

YEAR BUILT 1931
YEAR RENOVATED 2005
MULTIFAMILY RENTABLE SQ. FT. 181,771
AVERAGE UNIT SQ FT. 1,196
COMMERCIAL RENTABLE SQ. FT. 88,291
LOT SIZE 1 ACRE
# OF STORIES 34

Property Narrative

In March of this year, we became aware of the opportunity to purchase 909 Walnut, a 34-story class-A asset located one block from the streetcar in downtown Kansas City. Originally built in 1931, and having undergone a $64MM renovation in 2005, 909 Walnut consists of the headquarters for the REIT EPR Properties, and 152 class A residential condo units. Floors 1-4 house EPR and floors 5-34 house the 161 condo units, 152 of which we will own. The 152 condo units are high-end rental units but could be sold off individually as condos. Included in our purchase, immediately adjacent and to the south of 909 Walnut is an 8-story (including rooftop garden), 310-space parking garage built in 2005. Lastly, adjacent to the south of the parking garage is 929 Walnut, an 8-story, 33K sf office building. 909 Walnut, the parking garage, as well as 929 Walnut are included in this offering.

Invest

Investment Details

PROPERTY TYPE Mixed Use
NUMBER OF UNITS 152
TOTAL RENT-ABLE SQ FT 270,062
PRICE PER RENT-ABLE SQ FT $185.14

Sources and Uses

SOURCES
LOAN $43,800,000
PRIVATE EQUITY $13,483,564
USES
PURCHASE PRICE $50,000,000
CAPITAL IMPROVEMENTS $4,000,000
CLOSING COSTS $750,000
ACQUISITION FEE $500,000
OPERATING ACCOUNT $516,651
PREPAYMENT FEE $1,516,913
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