Windchase Flats & Townhomes Topeka, KS

Investment Highlights

• Substantial Untapped Rent Upside: $200+/Unit with Interior Enhancements
• Positive Operational Momentum with Double-Digit New Lease Trade-Outs
• Versatile and Highly Desirable Unit Mix
• Prime Location in Topeka’s Top Submarket
• Supply Constrained Market
• Robust Local Demand Drivers
• Well-Maintained Asset with Recent Capital Improvements
• Valuable Tax Abatement Through 2032
• Offered Free and Clear of Any Existing Debt

Substantial Untapped Rent Upside: $200+/Unit with Interior Enhancements

Windchase presents a compelling opportunity for new ownership to unlock significant rental income potential through comprehensive interior upgrades. Currently, only three units have been renovated, leaving 83 out of 86 units with potential for value-added improvements. Renovated townhomes are proving a premium of $240 per month, while upgraded apartments are achieving a $230 premium, translating to a remarkable ~20% increase in rental income. By continuing the proven renovation strategy, new ownership can drive substantial revenue growth and maximize the asset’s value.

Positive Operational Momentum with Double-Digit New Lease Trade-Outs

The property is currently benefiting from favorable operational trends, with recent lease renewals increasing by approximately 10% and lease trade-outs rising by about 14%. Occupancy remains strong, consistently in the mid-90% range, and shows signs of ongoing improvement. This positive momentum provides a solid foundation for new ownership to build upon and further enhance operational performance.

Versatile and Highly Desirable Unit Mix

Windchase offers a diverse range of unit types, including spacious townhomes and traditional garden units, catering to various tenant preferences. The property features high-demand layouts with one-bedroom units starting at 727+ SF, two-bedroom units nearing 1,100 SF, and expansive three-bedroom townhomes exceeding 2,200 SF. This variety appeals to a broad demographic, from students and young professionals to families of all sizes, ensuring strong tenant demand and broad market appeal.

Tenant Services