WOODWAY APARTMENTS FOR SALE | UNPRICED - LOOPNET
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Woodway Apartments
2420 Greenbriar Drive | Manhattan, Kansas 66502
For Sale | Unpriced 87 Units
Bid
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Offering Highlights
• Completely renovated in 2017
• Across the street from the Kansas State
University Football Stadium
• Less than one mile from the $1.25B National Brandon Heck
Real Estate Broker
Bio and Agro-Defense Facility
816.389.5728
• Amenities include pool, pet park,
bheck@jonesdevco.com
playground, washer/dryer combos
• 100% preleased for the 2018/19 school year
Woodway Apartments Disclaimer | Confidentiality
Disclaimer | Confidentiality
The material contained in this Investment Offering available to the recipient. The recipient shall be
Brochure is furnished solely for the purpose of entitled to rely solely on those representations.
considering the purchase of the property within
and is not to be used for any other purpose. This The information contained herein is subject to
information should not, under any circumstances, by change without notice and the recipient of these
photocopied or disclosed to any third party without materials shall not look to Owner or the JDC
the written consent of JDC Brokerage Services or Brokerage Services Advisor, nor any of their officers,
Owner, or used for any purpose whatsoever other employees, representatives, independent contractors
than to evaluate the possible purchase of the Property. or affiliates, for the accuracy or completeness thereof.
Recipients of this Investment Offering Brochure
The only party authorized to represent the Property are advised and encouraged to conduct their own
Owner (“Owner”) in connection with the sale of comprehensive review and analysis of the Property.
the Property is the JDC Brokerage Services listed
in this proposal, and no other person is authorized This Investment Offering Brochure is a solicitation of
by the Owner to provide any information or to interest only and is not an offer to sell the Property.
make any representations other than contained in The Owner expressly reserves the right, at its sole
this Investment Offering Brochure. If the person discretion, to reject any or all expressions of interest to
receiving these materials does not choose to pursue purchase the Property and expressly reserve the right,
a purchase of the Property, this Offering Brochure at its sole discretion, to terminate negotiations with
must be returned to JDC Brokerage Services. any entity, for any reason, at any time with or without
notice. The Owner shall have no legal commitment
Neither the JDC Brokerage Services Advisor nor the or obligation to any entity reviewing the investment
Owner make any representation or warranty, express Offering Brochure or making an offer to purchase the
or implied, as to the accuracy or completeness of the Property unless and until the Owner executes and
information contained herein, and nothing contained delivers a signed Real Estate Purchase Agreement on
herein is or shall be relied upon as a promise or terms acceptable to Owner, in Owner’s sole discretion.
representation as to the future performance of the By Submitting an offer, a prospective purchaser will
Property. This Offering Brochure may include certain be deemed to have acknowledged the foregoing and
statements and estimates by JDC Brokerage Services agreed to release the Owner and the JDC Brokerage
with respect to the projected future performance of Services Advisor from any liability with respect thereto.
the Property. These Assumptions may or may not be
proven to be correct, and there can be no assurance To the extent Owner or any agent of Owner corresponds
that such estimates will be achieved. Further, the JDC with any prospective purchaser, any prospective
Brokerage Services Advisor and the Owner disclaim purchaser should not rely on any such correspondence
any and all liability for representations or warranties, or statements as binding Owner. Only a fully executed
expressed or implied, contained in or omitted from Real Estate Purchase Agreement shall bind the property
this Investment Offering Brochure, or any other and each prospective purchaser proceeds as its own risk.
written or oral communication transmitted or made
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments Table of Contents
Table of Contents
1. Property Overview
Executive Summary
Property Information
2. Location Overview
Location Highlights
Neighborhood Aerial
Property Aerial
I-70 Overview
Kansas State University
Opportunity Zone
NBAF
3. Financial Overview
Income and Expense Pro forma
Unit Mixes
4. Additional Information
Floor Plans
Additional Photos
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments
PROPERTY OVERVIEW
1
Executive Summary
Property Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments Property Overview
Executive Summary
Sale Price: Unpriced
Number of Units: 87
Number of Beds: 282
Pro-forma NOI: $607,018
Occupancy 8/1/18: 100%
Lot Size: 5.69 acres
Building Size: 85,850 SF
Year Built/ Remodel: Built: 1990/ Remodel: 2017
Market: Kansas
Sub Market: University - Manhattan
Cross Streets: College Ave. & Kimball Ave.
Investment Description
Woodway Apartments give an investor the opportunity to grow their Manhattan portfolio, or to
enter into the popular Manhattan, Kansas market, home to Kansas State University.
Woodway Apartments are an established 87 unit apartment community that has recently under-
gone a complete remodel! (2017) This property is 100% leased for the upcoming school year and
sits adjacent to the University and is across the street from the ever popular KSU football stadium,
experience game day from your balcony and then walk to games! This property sits in a A+ loca-
tion, and the remodel positions this asset for the future to achieve maximum rent growth over time.
Woodway is a mix of 1,2,3 and 4 bedroom units providing something for everyone.
The North Central Manhattan location allows the property to be both near the established Univer-
sity, but also near new growth like the $1.25B National Bio & Agro Defense Facility that is currently
under construction. This new facility will bring jobs, notoriety and growth to Manhattan, which
was chosen after a 3-year site selection process.
Higher market rates, market growth, and its location will allow this repositioned asset to have sub-
stantial growth over the next few years. Now is the opportunity to own this legacy asset and take
advantage of the growing market of Manhattan, Kansas.
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments Property Overview
Property Overview
Address: 2420 Greenbriar Drive | Manhattan, KS 66502
Type of Ownership: Fee
Lot Size: 5.69 acres
Building Size: 85,850 SF
Building Class: B+
Zoning: PUD
Parking Spaces: 300 (38 covered parking spaces)
Year Built/ Remodel: 1990/ 2017
Number of Stories: 2 story and 3 story buildings
Number of Units: 87
For Sale | Unpriced
Number of Beds: 282
Features & Community Amenities
• Fully equipped kitchens • Laundry Facility
• Large Living Areas • Sparkling Swimming Pool
• Ceiling Fans with Pergola
• Separate Dining Area* • 2 grilling stations
• Spacious Bedrooms • Fitness Center
• Wall to wall carpeting • Abundant green space with
• Central Air Conditioning well-maintained grounds
• Cable TV ready • Playground
• High Speed internet • Pet friendly with dog park
available • Video Library
• Phone & Cable Jacks • Covered Parking
• Spacious Closets
• Private balcony or patio*
• Upgraded light fixtures
• Quartz Countertops
• Washer/Dryer combos*
*In select Apartments
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments
LOCATION OVERVIEW
2
Location Highlights
Neighborhood Aerial
Property Aerial
I-70 Overview
Kansas State University
Opportunity Zone
NBAF
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments Location Overview
KSU
Research Park
Bill Snyder NBAF Site
Family Stadium
Bramlage
Coliseum
Kansas State
University
Location Highlights
Nestled in the heart of the iconic Flint Hills, Manhattan is a thriving center for trade, education,
government, health care and entertainment. The Manhattan area features an excellent universi-
ty, long-respected Army post, fine arts, natural beauty, exciting sports and a wide range of other
qualifications and attractions. Known as the Little Apple, the community of nearly 55,000 serves
a three-county, 130,000-population regional area.
Kansas State University is the leading employer in Manhattan, with more than 6,000 employees
on the campus that serves roughly 23,000 students. KSU has a vision to become a Top 50 public
research university by 2025 and boasts top athletics programs that attract large crowds to the
Manhattan area. Fort Riley is home to the 1st Infantry Division, known as the “Big Red One,”
and employs more than 3,500 civilian personnel.
The Manhattan area is entering one of the most significant periods of economic development in
its history. While other communities across America have struggled economically, Manhattan
and the surrounding area has seen steady growth. The National Bio and Agro-defense Facility
(NBAF) is projected to be completed in 2021. The anticipated economic boom associated with
NBAF and the commercialization related to research coming out of Kansas State University will
create tremendous opportunities for the Manhattan area to become a global marketplace.
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments Location Overview
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728
Woodway Apartments Location Overview
Woodway
Apartments KSU
Research Park
Bill Snyder
Family Stadium
Via Christi
Hospital
Bramlage
Coliseum
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Location Overview
From Manhattan:
Topeka, KS: 61 miles East on I-70
Kansas City, MO: 125 miles East on 1-70
Wichita, KS: 132 miles South on US-77
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Location Overview
Kansas State University
Settled in the heart of the Flint Hills you will find a thriving POINTS OF PRIDE
college town full of atmosphere - Manhattan, Kansas, also
known as “The Little Apple,” and home to the main campus of
Kansas State University.
No. 1
Best town-gown relations
The K-State University is best known for an ongoing inter- Princeton Review, 2018
est in agriculture, particularly native Great Plains’ plant and
animal life. The Manhattan campus reaches more than 2,320 No. 1
acres, housing a number of agricultural facilities and research Best value college in Kansas
stations. The city of Manhattan has a population of nearly SmartAsset, 2017
55,000, and enjoys a great relationship between the commu-
nity and campus. Neighboring Fort Riley, a large Army instal-
lation, allows for the university to collaborate on many mili-
No. 3
tary-focused projects. Best quality of life
Princeton Review, 2018
The university also owns an additional 18,000 acres in cities
across Kansas that it operates as Agricultural Experiment
Stations in research hubs throughout Parsons, Garden City,
No. 3
Colby, and Hays. Students pack the stadiums
Princeton Review, 2018
K-State is the leading employer in Manhattan, with more than
6,000 employees and serves roughly 23,000 students. By the
year 2025, KSU has a vision to become a Top 50 public re-
No. 6
Most-loved colleges
search university and boasts in having top athletics programs
Princeton Review, 2018
that draw large crowds to the Manhattan area.
KSU Enrollment Manhattan, KS Population
24,000 60,000
54,983
23,000 52,281
22,795 50,000
22,000 44,831
21,570 40,000
21,000
30,000
20,000 Enrollment Population
19,494 20,000
19,000
18,000 10,000
17,000 0
Spring 2000 Spring 2010 Fall 2017 2000 2010 2018
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Location Overview
Opportunity Zones
As part of the extensive Tax Cuts and Jobs Act of 2017 (TCJA), Congress created a little known but
beneficial tax program to incentivize the inflow of capital investments into “qualified low-income
communities” or Qualified Opportunity Zones designated by the governors of each state.
Following an extensive review process involving officials from a number of state government
agencies, Kansas Governor Jeff Colyer, M.D. announced the 74 census tracts he nominated for
designation as Opportunity Zones, including the census tract that Woodway Apartments is
located in.
For the investors, the Opportunity Zone program offers tax incentives to citizens who re-invest
their unrealized capital gains into Oppportunity Funds, which are generally a privately managed
investment vehicle organized as a corporation, partnership or limited liability company for the sole
purpose of investing directly into a certified qualified Opportunity Zone property. The Oppor-
tunity Funds are specifically dedicated to investing in the designated census tracts. The program
provides deferral and reduction of capital gains taxes when the gain is invested in a Qualified Op-
portunity Fund and maintained for at least 5 years. Additional tax incentives are available for in-
vestments held for periods of 7 and 10 years.
More specifically, the Qualified Opportunity Zone program offers three distinct tax benefits, all of
which are designed to reward long-term investments in distressed, low-income communities:
1. A temporary tax deferral of capital gains that are redeployed into a Qualified
Opportunity Fund. The gain will be deferred until the earlier of: the date on which the
investment in the Qualified Opportuninty Fund is sold, or December 31, 2026.
2. A capital gain reduction through a basis adjustment for the gains that are redeployed
into a Qualified Opportunity Fund. A taxpayer who holds an interest in a Qualified
Opportunity Fund for at least five years can increase his investment basis by 10% of the
deferred gain (and an additional 5% if the investment is held for seven years), thereby
eliminating potentially 15% of the original gain from taxation.
3. A permanent gain exclusion on the appreciation of interest in the Qualified Oppor-
tunity Fund. If a taxpayer holds an interest in a Qualified Opportunity Fund for at least 10
years, no tax will be due on the appreciation of the Qualified Opportunity Fund. However,
because the statute requires the deferred gain be recognized by December 31, 2026, the
permanent exclusion is thereby limited to the above-mentioned 15% of the original gain.
Because Opportunity Zones are so new, please consult accounting and legal advice from
professionals when pursuing the use of a Qualified Opportunity Fund.
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Location Overview
National Bio and Agro-defense Facility (NBAF)
With the arrival of the National Bio and Agro-defense Facility (NBAF), Kansas State University is
cementing its reputation as a national leader in protecting U.S. agriculture - crops, livestock - and
food. NBAF will attract the best and brightest scientists to the Manhattan area and will lead to
collaboration among researchers regionally and nationally.
The need for NBAF was delineated in Homeland Security Presidential Directive/HSPD-9, Defense
of United States Agriculture and Food, January 30, 2004. As part of the “Research and Develop-
ment” requirement, it called for the creation of “a plan to provide safe, secure, and state-of-the-
art agriculture biocontainment laboratories that research and develop diagnostic capabilities for
foreign animal and zoonotic diseases.” New countermeasures for treating these diseases were also
urgently needed. NBAF is a result.
The university’s Biosecurity Research Institute - a biosafety level-3 facility - is jump-starting the
bio/agro-defense research planned for NBAF even before it becomes operational.
This is an opportunity for a state that values agriculture and bio/agrosecurity. NBAF will create
jobs, stimulate the state’s innovation economy and heighten Kansas’ position as a global food sys-
tems and bioscience leader. The $1.25 billion NBAF will create up to 1,500 construction jobs and
about 350 permanent jobs at the lab. NBAF will attract private biotechnology companies and
scientists to the Manhattan community, and is expected to bring an additional 40 businesses and
laboratories and generate an economic return of $3.5 billion in its first 20 years. It also will result
in collaborative opportunities for existing universities and research institutions and will help at-
tract more top-flight researchers to the area.
https://www.k-state.edu/nbaf/
NBAF Rendering
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments
FINANCIAL OVERVIEW
3
Income and Expense Pro forma
Unit Mixes
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Financial Overview
2018/2019 School Year Pro forma For Sale | Unpriced
Income Summary
August 1, 2018 - July 31, 2019
Total Potenital Rent: $1,074,180
Less- Leases Under Schedule: ($66,560)
Less- Vacancy: ($32,225)
Less- Bad Debt Loss: ($5,371)
Other income: $50,590
Total Income: $1,020,614
Expenses Summary
Payroll Expense: ($85.000)
Management Fees: ($40,839)
Property Admin Expense: ($13,541)
Marketing & Advertising: ($19,360)
Utilities: ($55,291)
Contract Services & Repairs: ($27,636)
Services & Repairs- General: ($5,550)
Services & Repairs- Make Ready: ($11,690)
Materials, Parts & Supplies: ($14,250)
Real Estate Taxes: ($99,748)
Property Insurance ($18,941)
Total Expenses: ($391,846)
Reserve for Replacement: ($21,750)
Net Operating Income: $607,018
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Financial Overview
2018/2019 Unit Mixes For Sale | Unpriced
Current Monthly Rents
Units Unit Type Appx. SF Avg. Rent Rent/Mo. Mo. Income
5 1 bd/1 ba 576 $691 $1.20 $3,455
6 2 bd/1 ba 788 $850 $1.08 $5,100
38 3 bd/1 ba 947 $921 $0.97 $34,996
1 3 bd/2 ba 1,112 $1023 $0.92 $1,023
37 4 bd/2 ba 1,112 $1066 $0.98 $39,425
87 987 $966 $0.98 $83,999
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments
ADDITIONAL INFORMATION
4
Floor Plans
Additional Photos
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728Woodway Apartments Additional Information
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