Chris Pulley
Overland Park, KS (USA)
Role(s):
Chapin Properties Inc.
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Startup
Location:
Overland Park
Industry:
Real Estate
Year Founded:
2006
Number Employees:
INVALID
Description:
Chapin Properties, Inc is offering a partnership oppertunity in a 4 year old, 250 units, Class AAA, apartment community. Our purchase contract is $25,650,000. We should have the appraisal back in a few days… Our appraisal will come in near $30 million.
Chapin has this asset under contract and we are raising money to fill the $4.5 million equity position needed to purchase the asset, pay closing fees, and minor capitol improvements.
Key points:
1. Rents are 12% below current competing market rates, owner is providing free cable, and paying for water for tenants. There is room for a $200 per month move up in rents.
2. 141st Metcalf -Best location in the Best suburb, Overland Park KS, across the street from Corbin Park Mall, 1.1 million sq. ft shopping mall.
3. Pot