Q1-2018 Multifamily Market Update

homes sold in 10 days or less. According to the Wichita State University Real Estate Center’s Housing Market Report, home prices were forecasted to rise 4.1 percent in 2017 and another 3.7 percent in 2018. Looking forward, fewer units will be added in 2018 giving the market time to stabilize. Owners are remodeling existing units with more modern finishes. An average cost of $2,500-$3,500 per unit to renovate allows owners to increase the monthly rent by $50 - $100. This provides a nice return and helps with leasing as well. An increase in interest rates may slow housing

sales leading to more renting instead. Big announcements and developments in Wichita may also help the multifamily market. In late 2017, Spirit AeroSystems announced 1,000 new job in a major expansion, with the probability of another 3,000 in the company’s massive local supply chain. In downtown Wichita, a proposed multi-million multi-use new Lawrence Dumont Stadium is hopeful as well as the Cargill Protein Headquarters currently under construction on Douglas. Wichita officials have been planning recruitment trips to try and get back some of the workers who left during the economic collapse in 2008.

$35 MILLION OF MULTIFAMILY SOLD OR UNDER CONTRACT IN 1Q18

Sold

Sold

Sold

Stratford East Apartments 7826 E Douglas Ave | Wichita, KS

Stratford West Apartments 1440 N. Clarence Ave | Wichita, KS

Westport Apartments 2526 W 31st St S | Wichita, KS

Under Contract

Under Contract

Under Contract

Quinton Point Apartments 2316 Wildcat Ln | Junction City, KS

Northtown Square 333 W 21st St | Wichita, KS

South Park Apartments 1501 Old Main St | Newton, KS

Under Contract

Under Contract

Available

Ridgefield Twin Homes 940 N Redbud Ct | Valley Center, KS

Mission Apartments 912 S Mission Rd | Wichita, KS

Kellogg & Woodlawn Multifamily Kellogg & Woodlawn | Wichita, KS

NAI MARTENS MULTIFAMILY TEAM

Nathan Farha, CCIM Title Senior Vice President Direct 316-263-9669 E-mail nfarha@naimartens.com

Jeff Englert Title Senior Vice President Direct 316-847-4924 E-mail

jenglert@naimartens.com

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