CAPREIT, a national real estate investment and management company responsible for the ownership and operation of more than $5 billion of multifamily assets since its formation in 1994, announced the acquisition of two Kansas-based communities, known as Aberdeen Apartments and Alvadora Apartments.
Aberdeen Apartments, built in two phases in 1998 and 2001, consists of 296 units. Alvadora Apartments, built in 2008, contains 108 units. CAPREIT plans to upgrade the common areas and make in-unit improvements at each of the Lawrence-based communities. The planned upgrades will help the communities meet the demands of the diverse resident base, which is fueled by growth and stability at the University of Kansas (KU). The communities are less than four miles apart and each is a short drive to the university.
"We believe there is a niche to be filled by non-student housing properties in university towns where demand is strong, rents consistently grow and downside is limited due to the stability and growth of a major university," said Ernie Heymann, Chief Investment Officer for CAPREIT.
Brendan Majev, acquisitions associate for CAPREIT added: "There is limited downside in the acquisition of these assets because the University of Kansas, a flagship state university, provides a stabilizing force in the Lawrence rental housing market. Furthermore, we believe there is an opportunity to improve performance of the asset through strategic improvements and resulting rent growth."
Lawrence is about a 30 minute drive from the suburbs of western Kansas City, about 45 minutes from the Kansas City CBD, and about 45 minutes from Topeka, the state capital. The properties' competitive position is further strengthened by a superior school district in Lawrence, which attracts employees working in the western Kansas City suburbs and Topeka areas. Finally, the area will receive an additional boost from local initiatives to construct a new golf course and a $20 million fitness facility.
Aberdeen is situated at 2300 Wakarusa Drive, less than four miles southwest of the University of Kansas. Alvadora sits at 5555 West 6th Street. Nearby retail, shopping and entertainment is abundant and in close proximity to both properties.
The communities are pet friendly and offer amenities including a clubhouse, fitness center and business center. CAPREIT plans several value enhancing additions including the construction of outdoor kitchen and grilling areas, upgraded model units, and several exterior building and landscaping updates. It is planned that approximately 150 units will be upgraded at Aberdeen. The improvements will include new appliances, countertop re-surfacing, upgraded plumbing and lighting fixtures, brushed nickel hardware, and a fresh, two-tone paint scheme. Select units will be furnished.
With the acquisitions of Aberdeen and Alvadora, CAPREIT currently owns and/or operates nearly 13,000 apartment homes across the nation.
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities.
Contact: Peter Jakel, 303-682-3944, firstname.lastname@example.org