|Last Updated Date||29 Jun 2020|
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JLL ("Jones Lang LaSalle") is pleased to present Independence Towers, a 123-home mid-rise apartment building located in Independence, Missouri. Part of the Kansas City Metropolitan Area, Independence Towers is located aprox. 12 miles east of the Kansas City CBD. Independence Towers benefits from Kansas City's robust economy and residents enjoy convenient access to all of the major employers, as well as numerous shopping, dining, entertainment, and recreational destinations. Independence Towers offers investors a high cash-flow yielding property in an excellent location with strong market fundamentals and a steadily increasing population.
ATTRACTIVE ASSUMABLE DEBT
- At a fixed rate of 3.88%, Independence Towers' $5.55 million assumable 12-year Fannie Mae loan includes 4 years of Interest-Only payments, providing stable long-term debt proceeds at an attractive rate.
EXCELLENT AREA DEMOGRAPHICS
- The population within a three-mile radius has grown by 3.7% over the last 10 years and boasts a highly conservative rent-to-average income ratio of 11%.
STRONG MARKET FUNDAMENTALS
- The Independence / East Kansas City market exhibits incredibly strong market fundamentals, achieving an average rent growth rate and occupancy rate of 3.2% and 94.9% respectively over the past 3 years.
- Since 2003, only 20 new units have been delivered within a 5-mile radius of the property and no new projects are currently under construction.
- The property benefits from its proximity to Highways 24 and 291, which provide direct access to Kansas City's expansive employment base and robust interstate system.
- With more than $2 billion of development since 2016, Kansas City's economy continues to thrive, attracting numerous corporate relocations and large-scale expansions.
STRONG STABILIZED CASH FLOW
- Independence Towers' high historical occupancy provides a consistent stream of cash flow. The Property's T3 NOI covers the Property's debt service by more than 1.6x.