Loss-to-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $46 per unit more than in-place leases.
Room to Grow Rents: Nearby properties are renting for over $300+ per unit higher than Oak Point. Market rents are anticipated to grow by 2.4% in 2022 and 3.9% in 2023 and have averaged an annual gain of 3.1% in the past year, according to CoStar. The property has increased market rents $125 and tax credit rents $73 from last year.
Interior & Amenities Value-Add: New ownership will have the opportunity to increase rents by renovating the interiors, including: new flooring, countertops, appliances, painted cabinets, or cabinet fixtures which will potentially increase NOI. Additionally, opportunity exists through updating the pool furniture, renovating the clubhouse, and updating the playground.
Large Floor Plans: Oak Point has an average floor plan size of 1,024 SF, with 100% of the property being 2 or 3 bed units.
LIHTC Upside: 32 out of Oak Point’s 136 units are LIHTC units. Currently, Oak’s Point’s LIHTC market rents are $613 for 2BD and $703 for 3BD. Maximum allowable LIHTC rents for Pulaski County are $686 for 2BD and $792 for 3BD.
Centrally Located Asset: Oak Point is located in the heart of St. Robert, with many retail stores and restaurants close to the property including, Cracker Barrel Old Country Store, Buffalo Wild Wings, Walmart Supercenter, Lowe’s Home Improvement, Dollar Tree, Panera Bread, and Starbucks.
Fort Leonard Wood Military Base: Fort Leonard Wood is the 5th largest employer in the state of Missouri and has an economic impact in the region over $2.8 billion. In addition, the base provides 36,400 military & civilian jobs.
Access to Nearby Demand Drivers: Oak Point is near many area demand drivers, including:
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Oak Point Townhomes (“Property”) located in St. Robert, Missouri. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY (“Broker”), and “Prospective Buyer” with respect to the sale of certain real property located in St. Robert, Missouri and known as Oak Point Townhomes (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: