In Q1 2020 Pacific Sands Funds purchased a 46-unit townhome project for $9,350,000 or $203,261 per unit. The project is located in Lenexa, Kansas, which is a great middle to upper income community with a diverse employment base.
The property is located within close proximity to Overland Park and has some of the best schools in Kansas. We are attracted to Kansas City and this market due to its educated work force, low cost of living, high disposable income, and lack of rent control barriers.
The complete update includes new luxury vinyl flooring on the 1st floor, quartz countertops, hardware in kitchens, washer/dryer install, and finished basements with a half-bath.
In the Q1 2021 Fund-A added 4 more units in the community to round out the development at 50 Units. The current cost basis for the development is $10,500,000, which includes the original purchase, capital improvements, and the purchase of the 4 additional units in 2021.