Anndell Park Kansas City, KS

Investment Highlights

• Original Developer Ownership Since the 1960s
• Significant Revenue Upside Through Rents, Renovations, and Utility Recovery
• Opportunity Zone, Qualified Census Tract, and Meaningful Development Optionality
• Direct Access to Major Employment and Retail
• Minutes from the Future Home of the Kansas City Chiefs
• Quality Construction and Consistent Ownership Maintenance
• Proven Demand with Room to Optimize Leasing
• Offered Free and Clear of Existing Debt

Original Developer Ownership Since the 1960s

The same family that acquired the land and developed Anndell Park over six decades ago has held it ever since, without a single ownership transfer. Owner-managed and consistently maintained, the asset provides a solid foundation for new ownership to build upon. Properties with this kind of ownership continuity rarely hit the market, and when they do, they carry an operating profile that reflects it. Most units remain in classic condition, and the revenue gap between current performance and market-rate stabilization has never been pursued by any prior owner.

Significant Revenue Upside Through Rents, Renovations, and Utility Recovery

In-place rents trail the submarket across unit types, with comparable properties of similar vintage operating at sub-5% vacancy and achieving rents up to $150+ above Anndell’s current in-place. This upside can be captured through disciplined lease-up and light renovations as units turn. Most units remain in classic condition, presenting a consistent renovation canvas and the ability to capture additional premiums demonstrated across the submarket. Additionally, ownership absorbed $70,000+ in utility costs in 2025 with no resident contribution, an easy win for new ownership through a standard bill-back program.

Opportunity Zone, Qualified Census Tract, and Meaningful Development Optionality

The site falls within both a designated Opportunity Zone and a Qualified Census Tract, expanding the financing toolkit and potential tax benefits available to qualifying buyers. OZ investors may benefit from capital gains deferral and long-term appreciation exclusion, while the QCT designation improves credit pricing under 4% LIHTC financing and broadens affordable housing financing structures for buyers with tax credit capacity.

Beyond the tax designations, the multiple-parcel structure across approximately 22 acres, each carrying RP-5 zoning and a multifamily highest-and-best-use designation, supports a range of strategies pursuable independently alongside ongoing apartment operations:

• Residential Development: Ownership planned to build additional units on the excess land and never pursued it. Sewer infrastructure is already in place across the site, and existing electrical service is sized to support additional units, meaningfully reducing the cost and complexity of new construction. All parcels carry RP-5 zoning and a multifamily highest-and-best-use designation, with OZ and QCT designations available to reduce financing costs across market-rate or affordable phases.
• Parcel Sales: The parcel structure allows selective land dispositions to generate capital returns while retaining apartment operations.
• Amenity Development: Excess acreage supports covered parking, a pool, or resident green space, each improving competitive positioning and supporting rent growth.
• Long-Term Land Appreciation: An OZ land position in a county anchored by a $3 billion stadium development carries appreciation potential independent of apartment operations.

Amenities