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Integra 14th AnnualReal Estate Trends & Investment Criteria Forecast: 2016
Property Sector: Multifamily
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Kansas City Multifamily Use
Presented by: Eric Owens– Integra Realty Resources
Moderator: Krista Klaus – KMBZ Business Channel at Entercom Radio
Panel Members:Paul Worcester – Worcester InvestmentsGeorge Birt – Downtown DevelopersSteve Coon – EPC Real Estate GroupBrenner Holland – Hunt MidwestLaurel Wallerstedt – Berkadia, LLC
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The Best, The Worst, and The Local Market
Top Three Urban Multifamily Markets By Vacancy – Class A1. Las Vegas, NV – 1.62%2. New York, NY – 2.60%3. Detroit, MI – 2.61%
…and the Bottom Three Urban Multifamily Markets By Vacancy – Class A57. Baltimore, MD – 15.40%58. Charleston, SC – 16.00%59. Raleigh, NC – 22.00%
National Average: 7.25%
Local Market – Class A…47. Kansas City, MO/KS – 9.36%
Source: IRR Viewpoint 2016
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The Best, The Worst, and The Local Market
Top Three Suburban Multifamily Markets By Vacancy – Class A1. Dayton, OH – 2.32%2. Sacramento, CA – 2.39%3. Syracuse, NY – 2.65%
…and the Bottom Three Suburban Multifamily Markets By Vacancy – Class A59. Greensboro, NC – 8.74%60. Washington, DC – 9.40%61. Raleigh, NC – 11.00%
National Average: 4.78%
Local Market – Class A…45. Kansas City, MO/KS – 5.58%
Source: IRR Viewpoint 2016
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Kansas CitySales Volume & Cap Rates
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
8.50%
9.00%
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
$800.00
$900.00
$1,000.00
2009 2010 2011 2012 2013 2014 2015
Cap Ra
te
Sales Vo
lume (in
millions)
All Classes
Sales Volume Cap Rate Linear (Sales Volume) Linear (Cap Rate)
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Major SubmarketsKansas City Metro Area
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
100,000
105,000
110,000
115,000
120,000
125,000
2008 2009 2010 2011 2012 2013 2014 2015
Kansas City Metro Area – All Classes
Supply (units) Vacancy Source: REIS
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Major SubmarketsNorthland
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
18,000
19,000
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
2008 2009 2010 2011 2012 2013 2014 2015
Northland – All Classes
Supply (units) Vacancy Source: REIS
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Major SubmarketsWyandotte
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
2,500
3,000
3,500
4,000
4,500
5,000
5,500
2008 2009 2010 2011 2012 2013 2014 2015
Wyandotte – All Classes
Supply (units) Vacancy Source: REIS
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Major SubmarketsNorth Johnson County
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
25,000
25,500
26,000
26,500
27,000
27,500
28,000
28,500
29,000
29,500
30,000
2008 2009 2010 2011 2012 2013 2014 2015
North Johnson County – All Classes
Supply (units) Vacancy Source: REIS
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Major SubmarketsSouth Johnson County
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
23,000
2008 2009 2010 2011 2012 2013 2014 2015
South Johnson County – All Classes
Supply (units) Vacancy Source: REIS
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Major SubmarketsJackson County
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
26,000
27,000
28,000
29,000
30,000
31,000
32,000
33,000
34,000
2008 2009 2010 2011 2012 2013 2014 2015
Jackson County – All Classes
Supply (units) Vacancy Source: REIS
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Major SubmarketsCBD/Midtown
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
2008 2009 2010 2011 2012 2013 2014 2015
CBD/Midtown – All Classes
Supply (units) Vacancy Source: REIS
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2015 Transactions
Carrington Park• Year Built – 2007• Neighborhood ‐ Northland• Class A• Sale Date – August 19, 2015• Sale Price ‐ $39,700,000• Price Per Unit ‐ $133,221• Units – 298• Cap Rate – 5.70%• Occupancy Rate – 98.0%• Buyer – STAR Carrington KC, LLC• Seller – Barrytown Apartments, LLC
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The Havens of Prairie Trace• Year Built – 2014• Neighborhood – South Johnson County• Class A• Sale Date – July 29, 2015• Sale Price ‐ $44,500,000• Price Per Unit ‐ $159,107• Units – 280• Cap Rate – 5.25%• Occupancy Rate – 96.0%• Buyer – Phoenix II, LLC• Seller – Mid‐America Apartments, L.P.
2015 Transactions
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The Manor Homes of Arborwalk• Year Built – 2006• Neighborhood – Lee’s Summit• Class A• Sale Date – March 1, 2015• Sale Price – $37,250,000• Price Per Unit – $133,036• Units – 280• Cap Rate – 5.50%• Occupancy Rate – 97.0%• Buyer – Arbor Development, LLC• Seller – MAR Arborwalk, LLC
2015 Transactions
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New Projects
ARTerra• Developer ‐ Copaken Brooks and
The Koman Group• Location – 21st & Wyandotte • $24 million project• Crossroads District• Class A Multifamily Development• 125 Residential Units, 12 stories• Enclosed Parking – 153 parking spaces
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One Light Tower• Developer – The Cordish Company• $79.2 million project• Grand Opening – December 2015• Class A Multifamily Development• Location – 13th & Walnut• 25 Stories, 307 units• Amenities• Two Light
New Projects
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East 9 Pickwick Plaza• Developer – Gold Crown Properties• East 9 Pickwick Plaza• Located – 10th & Oak Street• Renovation started November 2015• $65 million project• 260 market rate apartments• Year Built – 1930• Amenities• Tax Abatement, Tax Credits
New Projects
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Paul WorcesterWorcester Investments
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•Founded 2006
•Moved to KC 2007
•Multifamily
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•3,200 units
•INC 5,000
•125 employee team
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•Summit on Pryor
•1220 Washington
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George BirtDowntown Developers
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Projects
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RMwest Apartments
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RMwest Phase II
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Steve CoonEPC Real Estate Group
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The District | Lenexa City Center
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Avenue 80 | Overland Park
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17 Madison | Westside, Kansas City, MO
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Brenner HollandHunt Midwest Real Estate Development, Inc.
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The Vue | Overland Park
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Mission 106 | Leawood
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Benton House | Metro KC
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Laurel WallerstedtBerkadia
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$26 BILLIONBerkadia’s 2015 loan origination volume surpassed $20 billion, while investment sales exceeded $6 billion.
$86 BILLIONTotal historical sales by our investment sales advisors exceed $86 billion.
$18 BILLIONSince 2012, our investment sales division has closed more then 1,700 transactions, totaling $18 billion.
$235 BILLIONOne of the largest loan and servicing portfolios worldwide at $235 billion.
16,500 TRANSACTIONSBerkadia’s 2015 loan origination volume surpassed $20 billion, while investment sales exceeded $6 billion.
65 OFFICES65 offices nationwide, covering all major markets.
For Berkadia’s national and market‐specific research reports, visitwww.ApartmentUpdate.com or contact Laurel Wallerstedt at (816) 531‐4345.
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5.0%
5.2%
5.4%
5.6%
5.8%
6.0%
$800
$825
$850
$875
$900
$925
2012 2013 2014 2015* 2016***Estimate; **Forecast | Source: Berkadia, Axiometrics, Moody's Analytics
ASKING RENTS AND VACANCY
Waterstone372 Units | Built 1969$13.0 M | 5.9% CapKansas City, KS
Englewood152 Units | Built 1972$5.0 M | 8.1% CapKansas City, MO
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Villas at Carrington Square278 Units | Built 2008$45.7 M | 5.4% CapOverland Park, KS
Apartments at Bristol Park119 Units | Built 2009
$7.9 M | 7.1% CapGrain Valley, MO
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Oak Park Village510 Units | Built 1972$35.4 M | 6.4% CapOverland Park, KS
Liberty Court64 Units | Built 1980
$3.2 M | 7.1% CapLiberty, MO