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THE BRANDEIS

165 Units | Built 1907 | Renovated 2009

The Opportunity

Berkadia Real Estate Advisors have been exclusively retained to offer qualified investors the opportunity to purchase Lenexa Crossing, a conventional 280-unit multifamily asset located in Johnson County, one of Kansas City's most desirable submarkets.

PROVEN VALUE ADD OPPORTUNITY

  • Interior renovations have been completed on approximately 75% of the property.
  • These units have received marginal cosmetic upgrades and have well received by the market and are achieving a premium of $60 to $90 over non-renovated units.
  • A systematic approach to upgrading the remaining 25% of the ‘classic’ units will strengthen revenues and increase NOI to inherently create additional value.

 

Investment Highlights

  • Value-Add Opportunity with Proven Rent Upside
  • Current Interior Renovations Achieving Premiums of Up To $90
  • Additional Upside with a More Comprehensive Unit Upgrade Package (Cabinets, Solid Surface Countertops, Appliances, etc.)
  • Capture Additional Upside as Renewals and New Leases Are Executed
  • Affluent Johnson County Location Near the College Boulevard Office Corridor and Oak Park Mall
  • Offered with Assumable Freddie Mac Debt or Free & Clear

THE OPPORTUNITY

Investment Highlights

  • A+ Location in Downtown Omaha
  • All-In Costs to Renovate Substantially Below Replacement Costs
  • Significant Past Investment Leave Asset with No Immediate Capital Needs
  • Limited Future Tax Exposure as Current Assessment at Top of Competitive Set
  • Offered Free & Clear, Allowing Buyer to Take Advantage of Attractive Current Debt Market
  • Located in an Opportunity Zone
  • Mixed-Use Property Provides for Diverse Revenue Stream
  • Stabilized Asset and Growing Financials with Tremendous Upside
  • Proven Value-Add Play Installing Vinyl Plank Flooring Generating $100 Rent Premium

Berkadia’s Mid Markets Investment Sales Group is pleased to present the exclusive opportunity to acquire The Brandeis, a 165-unit apartment community that also includes condominium units. Originally built in 1907 and converted to a residential over office and retail mixed-use, condo property in 2009, right before the recession hit. As of today, all but 17 of these condo units have been converted back to traditional multifamily units. As a result, every single unit has absolute top-of-the market finishes, and the community amenities are best-in-class.

THE PROPERTY

Interior Features

  • Fully Equipped Kitchen with Stainless-Steel Appliances
  • Spacious Pantry*
  • Kitchen Island*
  • Granite Countertops
  • Tile Backsplash*
  • Fireplace*
  • Hardwood / Tile / Vinyl Flooring
  • Ceiling Fans
  • Crown Molding
  • Vaulted Ceilings
  • Bay Views
  • Walk-in Closets
  • Double Pane Windows
  • Washer / Dryers & Hookups
  • Air Conditioning / Heating

*In Select Units

Community Amenities

  • Elevators
  • Clubhouse
  • Lounge with 22" Ballroom Ceiling
  • Community Room with Billiards
  • Theater with Reclining Chairs
  • Fitness Center and Food Court
  • Deck with Picnic and Barbecue Area
  • Storage Units and Bike Storage
  • Climate-Controlled Basement Parking
  • Attached Covered Parking Garage
  • Laundry Facilities
  • Controlled Access
  • Disposal Chutes
  • Concierge
  • Recycling
  • Dry Cleaning Services
  • Planned Social Activities
  • Corporate Suites and Guest Apts.
  • Video Patrol
  • On-Site Management

THE LOCATION

Omaha, Nebraska

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CONTACT US

INVESTMENT ADVISORS

FINANCING

CHICAGO OFFICE

125 S. Wacker Drive

Suite 400

Chicago, IL 60606

312.957.7391 | Fax: 312.957.7871

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.   This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx