Multifamily
Horizon of Overland Park
10610 Marty St, Overland Park, KS 66212
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present The Horizon (“The Property”), a 143-unit hotel to apartment conversion that is undergoing final stage of construction. The Property began being converted to apartments in 2022. There are currently forty-seven (47) units that have been fully renovated with full-size kitchens, new flooring, new bathroom vanity, new paint, and new electrical systems. The Property consists of one hundred twenty-one (121) Studios and twenty-two (22) one-bedrooms with units ranging from 360 SF – 716 SF. Planned amenities for the property include a washer and dryer facility, storage and bike lockers, covered parking, fitness center, outdoor pickleball court, BBQ area, pet washing station, and numerous work/study nooks.
LOCATION
The Property is located in the heart of Overland Park in Johnson County, one of the most desirable and most rapidly growing counties in the state. The Horizon is situated less than a quarter mile from Interstate 435, which encircles Kansas City, providing access to all the city, and is 12 miles from downtown Kansas City. 0.2 Miles from the property is Metcalf Ave, a major thoroughfare that runs North to South in Overland Park and is one of the most popular streets in the city. Metcalf Ave is the spine of Overland Park and is a key corridor for both residential and commercial areas. Metcalf Ave gives you access to the city’s most prestigious shopping centers, local businesses, office parks, and restaurants. The high quality of life the area provides, along with the proximity to major industries, excellent public schools, and its access to big-city amenities makes Overland Park one of the top places to live in the U.S.
OPPORTUNITY
The Horizon provides a new owner with the unique opportunity to complete the remaining construction with most of the basic infrastructure already completed. A new owner will have the opportunity to cast its vision assuming control of how they want to complete finishes of interior renovations of the remaining 96 unfinished units, along with choosing what amenities they want to have at the property to attract residents to the property. Currently, Overland Park has a supply constraint market of studio units with only 2% of its unit inventory being made up of studio units. According to CoStar, Overland Park is estimated to see its studio units have rent growth of 6.25% in 2025 for market rate units. A new owner will be able to complete the development with their own vision and get the property ready for the summer lease up.
Horizon of Overland Park
Investment Highlights
- Class A Location: The Horizon is located next to Metcalf Ave and Interstate 435, a high traffic area that is surrounded by shopping centers, restaurants, entertainment venues, and office parks.
- Strong Rental Market: Overland Park has averaged 5.5% rent growth over the past 5 years and consistently has a low vacancy rate with it currently being at 5.3%.
- Major Construction Completed at The Property: The Horizon has most of the basic infrastructure completed at the property, allowing a new owner to swiftly complete the project and begin lease up.
Listing Price: Request For Offer
Investment Highlights
- Class A Location: The Horizon is located next to Metcalf Ave and Interstate 435, a high traffic area that is surrounded by shopping centers, restaurants, entertainment venues, and office parks.
- Strong Rental Market: Overland Park has averaged 5.5% rent growth over the past 5 years and consistently has a low vacancy rate with it currently being at 5.3%.
- Major Construction Completed at The Property: The Horizon has most of the basic infrastructure completed at the property, allowing a new owner to swiftly complete the project and begin lease up.
Investment Overview
Marcus & Millichap is pleased to present The Horizon (“The Property”), a 143-unit hotel to apartment conversion that is undergoing final stage of construction. The Property began being converted to apartments in 2022. There are currently forty-seven (47) units that have been fully renovated with full-size kitchens, new flooring, new bathroom vanity, new paint, and new electrical systems. The Property consists of one hundred twenty-one (121) Studios and twenty-two (22) one-bedrooms with units ranging from 360 SF – 716 SF. Planned amenities for the property include a washer and dryer facility, storage and bike lockers, covered parking, fitness center, outdoor pickleball court, BBQ area, pet washing station, and numerous work/study nooks. LOCATION The Property is located in the heart of Overland Park in Johnson County, one of the most desirable and most rapidly growing counties in the state. The Horizon is situated less than a quarter mile from Interstate 435, which encircles Kansas City, providing access to all the city, and is 12 miles from downtown Kansas City. 0.2 Miles from the property is Metcalf Ave, a major thoroughfare that runs North to South in Overland Park and is one of the most popular streets in the city. Metcalf Ave is the spine of Overland Park and is a key corridor for both residential and commercial areas. Metcalf Ave gives you access to the city’s most prestigious shopping centers, local businesses, office parks, and restaurants. The high quality of life the area provides, along with the proximity to major industries, excellent public schools, and its access to big-city amenities makes Overland Park one of the top places to live in the U.S. OPPORTUNITY The Horizon provides a new owner with the unique opportunity to complete the remaining construction with most of the basic infrastructure already completed. A new owner will have the opportunity to cast its vision assuming control of how they want to complete finishes of interior renovations of the remaining 96 unfinished units, along with choosing what amenities they want to have at the property to attract residents to the property. Currently, Overland Park has a supply constraint market of studio units with only 2% of its unit inventory being made up of studio units. According to CoStar, Overland Park is estimated to see its studio units have rent growth of 6.25% in 2025 for market rate units. A new owner will be able to complete the development with their own vision and get the property ready for the summer lease up.
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