Kansas City Locals
Hello all,
My partner and I are looking to acquire between 80-150 apartment units in the next 12 months. Based on several market reports we've been reading and conversations with fellow investors we have decided that Kansas City is where we want to expand. At this stage we are looking to buy and hold complexes that are well taken care of but are underperforming. Motivated/worn out sellers or mismanaged properties are ideal. Our sweet spot is C+ to B- properties in B neighborhoods that need just a little bit of love to get them back on track.
I am reaching out to BP to find reliable "boots on the ground". Brokers, PMs, local lenders, or anyone else that can provide some insight into the market we want to speak to!
What neighborhoods should we be targeting?
What kind of cap and vacancy rates are typical for 20-30 units, 30-50 units, 50+ units based on the criteria above?
Also, any insight anyone can provide on cost per unit in the areas would also be helpful.
Thanks!