In Q4 2019 Pacific Sands Funds purchased a 76-unit apartment project for $4,680,000 or $61,579 per unit. The project is located in Kansas City, Missouri within a strong middle-income community with a diverse employment base. The property is located within a 10 to 15-minute drive of the Downtown Kansas City commercial district and is a suburban neighborhood.
Although the property was originally named “Chouteau Heights”, the project was rebranded in 2020 to Cambridge Commons. This was part of a larger Capital Improvements project, which included updating a large swath of units and performing exterior upgrades to the building.
Within the 2 years of ownership, the Gross Rents have increased from $52,300 a month to $68,050 per month. This is a 30% increase since the time of purchase. The average rent per unit has gone from $707 to $895.
Pacific Sands has also recently completed a refinance of Cambridge Commons Apartments. The refinance created a surplus of an additional $365,000.