Worcester Investments began purchasing rental property in the Worcesters' hometown of Eugene, Oregon almost immediately upon forming the company in 2006. The family business expanded into the Kansas City, Missouri area through a real estate connection in 2007 and began focusing on multi-family real estate. Worcester Investments presently owns and operates, with our investors, 1,900+ apartment units in the Kansas City area. This portfolio consists of the multi-family acquisitions from December 2009 through July 2013.Why Kansas City
The Frederick Apartments total 96 units, located just outside North Kansas City in St. Joseph. We purchased the Frederick Apartments in December of 2009 directly from the owner. After making several improvements to the property through value-add components, we have seen phenomenal returns from this investment.
Purchased in June of 2010 as an MHDC property with an expiring contract, Gene Field totals 107 units located just outside North Kansas City in St. Joseph. Gene Field's occupancy increased to 95% within 45 days of initial takeover, and continued to stabilize quickly and successfully. We anticipate continued success upon the expiration of the MHDC contract in 2015.
The Northcrest Apartments are located in the Kansas City submarket of Riverside and total 151 units. We purchased the Northcrest Apartments in November of 2010 from a bank who gained ownership through a recent foreclosure. Northcrest has provided a strong return and its surrounding area continues to see new growth and development.
Maple Estates is a 185 unit apartment community located in the Kansas City sub-market of Lee's Summit. We acquired the apartments in July of 2011 from a bank and completed significant capital improvements. Maple Estates has performed very well and its return has exceeded our projections.
The Rock Ridge Ranch Apartments consist of 74 units located in a quiet residential neighborhood in South Kansas City. We completed significant capital improvement after purchasing the property in January of 2012, and Rock Ridge Ranch has produced strong returns since stabilization.
The Stonleigh Apartments consist of two separate properties totaling 156 units, located just northwest of Kansas City in Leavenworth, Kansas. We purchased Stonleigh from the lender in March of 2012 and completed extensive capital improvement efforts during takeover. Stonleigh has performed well since stabilizing.
The Fairway Hills Apartments total 152 units, located on a golf course outside Kansas City in Leavenworth, Kansas. We purchased Fairway Hills in June of 2012 and the property leased up quickly. Fairway began performing well before it reached stabilization, and the property continues to produce strong returns.
The Douglas Place Apartments consist of 125 units, located just south of Kansas City in Grandview. We purchased the property in October of 2012, absorbing severe delinquency problems that needed immediate correction. Douglas Place achieved stabilization in mid-2013 with a highly improved delinquency balance and professional management presence.