Woodway Apartments - StudentHousingSites.com...• Completely renovated in 2017 • Across the street from the Kansas State University Football Stadium • Less than one mile from

Brandon HeckReal Estate [email protected]

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

Bio and Agro-Defense Facility• Amenities include pool, pet park,

playground, washer/dryer combos• 100% preleased for the 2018/19 school year

Woodway Apartments 2420 Greenbriar Drive | Manhattan, Kansas 66502

For Sale | $9,499,000 87 Units

Woodway Apartments Disclaimer | Confidentiality

JDC | 4520 Madison, Suite 100, Kansas City, MO 64111 | 816.389.5728

Disclaimer | Confidentiality

The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, by photocopied or disclosed to any third party without the written consent of JDC Brokerage Services or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Property Owner (“Owner”) in connection with the sale of the Property is the JDC Brokerage Services listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to JDC Brokerage Services.

Neither the JDC Brokerage Services Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by JDC Brokerage Services with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the JDC Brokerage Services Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made

available to the recipient. The recipient shall be entitled to rely solely on those representations.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the JDC Brokerage Services Advisor, nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserve the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By Submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the JDC Brokerage Services Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds as its own risk.

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

Woodway Apartments


PROPERTY OVERVIEW1

Executive Summary

Property Information

Woodway Apartments

Property Overview


Sale Price:

Number of Units:

Number of Beds:

Pro-forma NOI:

Occupancy 8/1/18:

Lot Size:

Building Size:

Year Built/ Remodel:

Market:

Sub Market:

Cross Streets:

$9,499,000

87

282

$607,018

100%

5.69 acres

85,850 SF

Built: 1990/ Remodel: 2017

Kansas

University - Manhattan

College Ave. & Kimball Ave.

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.

Investment Description

Executive Summary

Woodway Apartments

Property Overview


For Sale | $9,499,000

Address:

Type of Ownership:

Lot Size:

Building Size:

Building Class:

Zoning:

Parking Spaces:

Year Built/ Remodel:

Number of Stories:

Number of Units:

Number of Beds:

Property Overview2420 Greenbriar Drive | Manhattan, KS 66502

Fee

5.69 acres

85,850 SF

B+

PUD

300 (38 covered parking spaces)

1990/ 2017

2 story and 3 story buildings

87

282

Woodway Apartments

Features & Community Amenities• Fully equipped kitchens• Large Living Areas• Ceiling Fans• Separate Dining Area*• Spacious Bedrooms• Wall to wall carpeting• Central Air Conditioning• Cable TV ready• High Speed internet

available• Phone & Cable Jacks• Spacious Closets• Private balcony or patio*• Upgraded light fixtures• Quartz Countertops• Washer/Dryer combos*

*In select Apartments

• Laundry Facility• Sparkling Swimming Pool

with Pergola• 2 grilling stations• Fitness Center• Abundant green space with

well-maintained grounds• Playground• Pet friendly with dog park• Video Library• Covered Parking


LOCATION OVERVIEW2

Location Highlights

Neighborhood Aerial

Property Aerial

I-70 Overview

Kansas State University

Opportunity Zone

NBAF

Woodway Apartments

Location Overview


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.

Location Highlights

Woodway Apartments

Bill Snyder Family Stadium

Kansas StateUniversity

NBAF Site

BramlageColiseum

KSUResearch Park

Location Overview


Woodway Apartments

Location Overview


Woodway Apartments

Bill Snyder Family Stadium

Woodway Apartments

Bramlage Coliseum

Via ChristiHospital

KSUResearch Park

Location Overview


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

From Manhattan:

Woodway Apartments

Settled in the heart of the Flint Hills you will find a thriving college town full of atmosphere - Manhattan, Kansas, also known as “The Little Apple,” and home to the main campus of Kansas State University.

The K-State University is best known for an ongoing inter-est in agriculture, particularly native Great Plains’ plant and animal life. The Manhattan campus reaches more than 2,320 acres, housing a number of agricultural facilities and research stations. The city of Manhattan has a population of nearly 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-tary-focused projects.

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, Colby, and Hays.

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-search university and boasts in having top athletics programs that draw large crowds to the Manhattan area.

Location Overview


Kansas State University

Woodway Apartments

POINTS OF PRIDE

No. 1Best town-gown relationsPrinceton Review, 2018

No. 1Best value college in KansasSmartAsset, 2017

No. 3Best quality of lifePrinceton Review, 2018

No. 3Students pack the stadiumsPrinceton Review, 2018

No. 6Most-loved collegesPrinceton Review, 2018

19,494

21,570

22,795

17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

Spring 2000 Spring 2010 Fall 2017

KSU Enrollment

Enrollment

44,831

52,28154,983

0

10,000

20,000

30,000

40,000

50,000

60,000

2000 2010 2018

Manhattan, KS Population

Population

Location Overview


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.

Opportunity Zones

Woodway Apartments

Location Overview


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 andscientists 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/

Woodway Apartments

National Bio and Agro-defense Facility (NBAF)

NBAF Rendering


FINANCIAL OVERVIEW3

Income and Expense Pro forma

Unit Mixes

Woodway Apartments

Financial Overview


For Sale | $9,499,000

Payroll Expense:

Management Fees:

Property Admin Expense:

Marketing & Advertising:

Utilities:

Contract Services & Repairs:

Services & Repairs- General:

Services & Repairs- Make Ready:

Materials, Parts & Supplies:

Real Estate Taxes:

Property Insurance

Total Expenses:

Reserve for Replacement:

Net Operating Income:

($85,000)

($40,839)

($13,541)

($19,360)

($55,291)

($27,636)

($5,550)

($11,690)

($14,250)

($99,748)

($18,941)

($391,846)

($21,750)

$607,018

Total Potenital Rent:

Less- Leases Under Schedule:

Less- Vacancy:

Less- Bad Debt Loss:

Other income:

Total Income:

Expenses Summary

Income Summary August 1, 2018 - July 31, 2019

$1,074,180

($66,560)

($32,225)

($5,371)

$50,590

$1,020,614

2018/2019 School Year Pro forma

Woodway Apartments

Financial Overview


For Sale | $9,499,0002018/2019 Unit Mixes

Woodway Apartments

Units

5

6

38

1

37

87

Unit Type

1 bd/1 ba

2 bd/1 ba

3 bd/1 ba

3 bd/2 ba

4 bd/2 ba

Appx. SF

576

788

947

1,112

1,112

987

Avg. Rent

$691

$850

$921

$1,023

$1,066

$966

Rent/Mo.

$1.20

$1.08

$0.97

$0.92

$0.98

$0.98

Mo. Income

$3,455

$5,100

$34,996

$1,023

$39,425

$83,999

Current Monthly Rents


ADDITIONAL INFORMATION4

Floor Plans

Additional Photos

Woodway Apartments

Additional Information


Woodway Apartments



Woodway Apartments



Woodway Apartments



Woodway Apartments



Woodway Apartments



Woodway Apartments



Woodway Apartments

Documents

Woodway Apartments - StudentHousingSites.com...• Completely renovated in 2017 • Across the street from the Kansas State University Football Stadium • Less than one mile from