The portfolio acquisition totals 1,000 units in Wichita, Kan.
April 23, 2023 |
Updated April 24, 2023
Post Road Management is deepening its footprint in Wichita, Kan. The real estate investment and management company announced it acquired 11 multifamily communities in the greater Wichita metro earlier this month.
The new acquisitions range from Class C+ workforce housing to Class A new communities.
• Kingston Cove, a 252-unit community in Wichita.
• Cimarron Apartments, a 132-unit community in Wichita.
• Stratford East, a 104-unit community in Wichita.
• Park Meadows, a 96-unit community in Wichita.
• The Willows, an 80-unit community in Wichita.
• Willows South, a 16-unit community located adjacent to The Willows in Wichita.
• Stratford West, a 78-unit community in Wichita
• Danish Village, a 78-unit community in Wichita.
• Pine Creek, a 68-unit community in Wichita.
• Edgemoor Townhomes, a 56-unit community in Wichita.
• Cottonwood Crossing, a 42-unit community in Newton, Kan.
“As part of our proven investment strategy, we are taking over property-level management of these communities and have hired a regional manager, community managers, maintenance technicians, and project managers in conjunction with this portfolio acquisition,” said Borko Milosev, Principal and Partner at Post Road Management, in a release.
Greg Rarick, Post Road Vice President of Acquisitions and Dispositions, said, the company will invest $12,000, on average, per unit in upgrades. “Our investment basis per unit provides a significant upside. Only 21% of the total units have been fully renovated, allowing us to unlock value-add potential.”