Investment Overview

Marcus & Millichap is pleased to present White Lakes Plaza (“The Property”), a 144-unit apartment community located in Topeka, KS. The Property was built in 1973 and consists of (72) one-bedroom / one-bathroom units and (72) two-bedroom / one and a half bathroom units with an average square footage of 851. White Lakes Plaza is a gated community consisting of (10) buildings and features a clubhouse, laundry facility, covered parking, storage, and plenty of green space. Each unit comes complete with a full kitchen, central heating and air conditioning, patio/balcony, large closets, and a fireplace in select units. Tenants pay for electric and gas and are billed-back for water through a RUBS program. The Property is professionally managed by Orion Property Group. White Lakes Plaza is located on the Southeast side of Topeka and sits just off Southwest 37th Street. The Southeast neighborhood contains mostly residential homes and is surrounded by parks, retail stores, and restaurants. The Property is conveniently located next to 470 Highway giving tenants easy access to all of Topeka. The Property sits behind White Lakes Plaza Shopping Center and is next door to a Walmart Supercenter. Southwest Topeka Blvd is down the street from The Property where tenants have access to a plethora of shops and restaurants. With an average rent of $787, there is an opportunity to increase rent $138/unit through interior & exterior improvements. Ownership has renovated (7) units at the property with new flooring, carpet, hardware, countertops, paint, shelving, lighting, and black appliances. (8) interior hallways have been renovated with new paint and flooring and over $60K has been spent on repairing and replacing HVAC units. A new owner can immediately increase income by bringing online the down units and increasing occupancy. Additionally, there is a value-add opportunity to increase rent after renovating units along with increasing carport and trash/pest control fees.