In Q3 2021 Pacific Sands Funds closed escrow on the Commodore apartment project for $2,250,000. The Commodore is a 94 unit apartment project, which was purchased for $23,900 per door in Wichita, KS. The Commodore was built in 1929 and has been a landmark apartment building in Downtown Wichita for almost 100 years. The property was a former historic hotel that has since been converted.
At nine stories, it is the tallest building in this part of Downtown Wichita. The building is identified by a prominent rooftop sign that reads“Commodore”.
Our capital improvement plan will consist of interior upgrades to all of the units as well as exterior renovations. The exterior work will include replacing windows, repairing the brick facade, and upgrading the common areas. The interior rehab will include updating the electrical, updating the building’s boiler, upgrading kitchens, and bathrooms. The renovation will be approximately $1,608,000 total, or $17,106 per unit. We anticipate finishing all renovation work within the first 19 months of ownership, while improving rental income and vacancy to stabilization within the first 24 months.