Worcester Investments’ Apartment Portfolio highlights the apartment communities acquired since expanding into Kansas City.

Worcester Investments began purchasing rental property in the Worcesters’ hometown of Eugene, Oregon almost immediately upon forming the company in 2006. The family business expanded into the Kansas City, Missouri area through a real estate connection in 2007 and began focusing on multi-family real estate. Worcester Investments presently owns and operates, with our investors, 3,200+ apartment units in the Kansas City area. This portfolio consists of the multi-family acquisitions from December 2009 through December 2016.

Why Kansas City

 

Frederick Apartments

Frederick Apartments

The Frederick Apartments total 96 units, located just outside North Kansas City in St. Joseph. We purchased the Frederick Apartments in December of 2009 directly from the owner. After making several improvements to the property through value-add components, we have seen phenomenal returns from this investment.

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Gene Field Apartments

Gene Field Apartments

Purchased in June of 2010 as an MHDC property with an expiring contract, Gene Field totals 107 units located just outside North Kansas City in St. Joseph. Gene Field’s occupancy increased to 95% within 45 days of initial takeover, and continued to stabilize quickly and successfully. We anticipate continued success upon the expiration of the MHDC contract in 2015.

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Northcrest Apartments

Northcrest Apartments

The Northcrest Apartments are located in the Kansas City submarket of Riverside and total 151 units. We purchased the Northcrest Apartments in November of 2010 from a bank who gained ownership through a recent foreclosure. Northcrest has provided a strong return and its surrounding area continues to see new growth and development.

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Maple Estates Apartments

Maple Estates Apartments

Maple Estates is a 185 unit apartment community located in the Kansas City sub-market of Lee’s Summit. We acquired the apartments in July of 2011 from a bank and completed significant capital improvements. Maple Estates has performed very well and its return has exceeded our projections.

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Rock Ridge Ranch Apartments

Rock Ridge Ranch Apartments

The Rock Ridge Ranch Apartments consist of 74 units located in a quiet residential neighborhood in South Kansas City. We completed significant capital improvement after purchasing the property in January of 2012, and Rock Ridge Ranch has produced strong returns since stabilization.

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Stonleigh Court Apartments

Stonleigh Court Apartments

The Stonleigh Apartments consist of two separate properties totaling 156 units, located just northwest of Kansas City in Leavenworth, Kansas. We purchased Stonleigh from the lender in March of 2012 and completed extensive capital improvement efforts during takeover. Stonleigh has performed well since stabilizing.

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Fairway Hills Apartments

Fairway Hills Apartments

The Fairway Hills Apartments total 152 units, located on a golf course outside Kansas City in Leavenworth, Kansas. We purchased Fairway Hills in June of 2012 and the property leased up quickly. Fairway began performing well before it reached stabilization, and the property continues to produce strong returns.

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Douglas Place Apartments

Douglas Place Apartments

The Douglas Place Apartments consist of 125 units, located just south of Kansas City in Grandview. We purchased the property in October of 2012, absorbing severe delinquency problems that needed immediate correction. Douglas Place achieved stabilization in mid-2013 with a highly improved delinquency balance and professional management presence.

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Campus View Apartments

Campus View Apartments

Campus View (formerly Hampton Apartments), consists of 101 units, located a few blocks from the University of Kansas in Lawrence, Kansas. The property had a poor reputation, a very high delinquency, and an undesirable resident base primarily due to inadequate applicant screening and deferred maintenance. We purchased Campus View at $20/K per unit and have been steadily improving occupancy and collections since takeover.

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Rolling Ridge Apartments

Rolling Ridge Apartments

Rolling Ridge (Olathe Portfolio) is a 65-unit apartment complex with 67 additional duplex and single family home units located in the desirable Olathe, KS submarket of Kansas City. At approximately $19K per unit, the portfolio was a very desirable acquisition. The portfolio was managed adequately and had low delinquency and occupancy in the low 90s upon takeover.

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Brownstone Apartments

Brownstone Apartments

The Brownstone Apartments consist of 155 units in Overland Park, Kansas. At $35K/unit, Brownstone offered a stabilized opportunity with a strong immediate return and upside in increasing rents. Brownstone went through a foreclosure during the recession, which we feel contributed to our favorable price. The property has performed well since takeover.

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Fontainebleau Apartments

Fontainebleau Apartments

Fontainebleau consist of 112 units in Topeka, Kansas. Fontainebleau has been going through an exterior remodel to modernize its curb appeal. The ownership transition went well, with occupancy remaining in the 90’s and net income exceeding projections. We are pleased with its performance and anticipate the completion of the rehab to be well-received.

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The Reserve at Brownstone

The Reserve at Brownstone

The Reserve at Brownstone (formerly Sundance Apartments), consists of 80 units located in Overland Park, Kansas. We are significantly rehabbing and updating the units and curb appeal. It is our largest per-unit rehab project to date. Twenty-five percent of the units have been completely rehabbed and most of the addi-tional improvements are now complete. Sundance has taken longer than anticipated to work through the construction and lease-up, but the property has great income to expense margins and should produce very strong income numbers once leased up. Since Sundance was a Section 42 property that had just come out of a foreclosure, re-branding the property and changing its reputation is the biggest obstacle.

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Antioch Crossing Apartments

Antioch Crossing Apartments

Antioch Crossing (formerly  Antioch Woods) consists of 90 units in Overland Park, Kansas. Antioch is nearing breaking ground on the 12 down fire-damaged units. The brand new building and twelve new units will add notable value to the Antioch. The property has performed slightly under projec-tions thus far, due mainly to the fact that 12 of the 91 units are down. Antioch should be a strong long-term investments. 

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Valencia Hills Apartments

Valencia Hills Apartments

Valencia Hills consist of 352 apartment units located in Shawnee, Kansas. Valencia has performed above projections in spite of some construction delays. Valencia’s size helps us maximize economies of scale. Occupancy has been strong in light of the fact that 7% of the units were down at closing. 2016 should be a strong year for Valencia as the physical improvements and improved reputation continue to benefit the property. Valencia should be a strong long-term investment, situated in a desirable Johnson County location, adjacent to an elementary school and main arterial roads.

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Falls at Cottonwood Creek

Falls at Cottonwood Creek

Falls at Cottonwood Creek consists of 144 apartment units located in Kansas City, Kansas. The Falls has performed well since the closing, performing above our projections, due to high occupancy and tenant stability. The serene setting, surrounded by natural woods on three sides, offers families a peace-ful living community. We expect the Falls to remain a strong long-term investment.

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Waterstone Apartments

Waterstone Apartments

The $35K/unit pricing for an apartment complex in a solid Johnson/Wyandotte County line location with value-add upside was very attractive. The out-of-state owner had struggled to maintain high occupancy and reasonable rents, and we were confident we could improve both with stronger management and relatively minor capital improvements. We were confident we could obtain a 10% cash on cash return for our investors with strong upside.

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We have worked with the Worcester family and Worcester Investments for over a year and closed multiple transactions together. They have always been very straight forward, accessible, and accommodating with the many information requests and questions that go along with processing a loan. Their knowledge of real estate, especially multi-family, is truly impressive. We welcome the opportunity to work with Worcester Investments for a long time to come!

- John Schorgl & Tom Cohen, Johnson Capital

I have been the Worcesters' accountant for several years. I have found them to be professional, competent and ethical in their business ventures. I would not hesitate to recommend their services to others.

- Gerald Hoots, Hoots, Baker & Wiley PC

I've worked closely with Worcester Investments through every aspect of acquisition. I have found WI and its members to be knowledgeable investors who are well equipped to handle all aspects of a real estate transaction. A purchaser of investment property is presented with a number of challenges during the course of a transaction. WI has met every challenge. Worcester Investments and its members are timely, efficient, knowledgeable and a pleasure to work with.

- Robert Smejkal, Oregon State Bar

Worcester Investments has been a great partner and manager. The income our properties have produced has exceeded my expectations. They always follow through on their commitments, and they communicate very well. I consider them true professionals.

- Dr. Stephen Hull

I financed Worcester Investments on 3 properties in the Saint Joseph area. They have always paid on time and have been a pleasure to work with. I would recommend them to work with.

- Howard Miller, Spirit Miller Trucking

Gebhardt Family Trust financed a property with Worcester Investments in 2007. Since that time Worcester Investments has made all payments timely. I would recommend doing business with them.

- George Gebhardt, Trustee

Over the past few years, we have had the pleasure of working closely with Worcester Investments LLC on a number of real estate transactions. They have a tremendous amount of knowledge regarding the real estate industry in St. Joseph, MO, and are very thorough when it comes to the details of each and every acquisition. They are an asset to our community and we hope to continue doing business with them for many years to come

- Saint Joseph Title & Abstract

Joel and Worcester Investments are a pleasure to work with. They are tenacious negotiators, tireless researchers and incredibly dependable partners. Whether partnering in real estate purchases or loaning them funds for opportunities, I am always confident that the outcome will be successful.

- Kerrie Johnson

Paul and Joel were easy to work with and honest throughout the purchase process. We were able to close the transaction successfully. I look forward to working with them in the future.

- Aaron Mesmer, Block LLC

I want to take this opportunity to thank you for the business you with Nodaway Valley Bank. The loans we have with you have been maintained in an excellent manner. It is a big asset having Paul manage these investments for you and gives the bank the comfort level we need. I look forward to a long standing relationship.

- Jerry Ingle, Nodaway Valley Bank

The Worcesters are humble, hardworking people who are continually bettering themselves. I am not surprised at the success they are experiencing. I highly recommend any potential business partners, lenders, etc. to work with the Worcesters.

- Joe Isenberg, Brothers Cleaning

The Worcesters are a delight to work with and display exceptional wisdom in real estate investment. We can vouch for their integrity, honesty, and desire to serve more than be served. Most of our investments with WI earns interest that the firm pays in monthly installments, always on time. There is no other opportunity available that can match the returns WI offers and also gives us the sense of security that our funds are in safe hands.

- Stuart & Christine Smith

It's my pleasure to recommend the principals of Worcester Investments. The principals have strong knowledge and keen financial strength in the commercial real estate arena to recognize an opportunity to add their value added expertise to a property. I've seen the high results of their efforts and know that their future will be full of successes moving forward.

- Jack Hanrahan, First American Title

I would recommend Paul Worcester as a very good man to do business with. He was very honest, helpful and businesslike in our dealings. He is a man of his word which I appreciate very much.

- Ray LaVaugn

It has been a pleasure conducting business with Worcester Investments, as they have remitted all payments on time and provided timely documentation for all necessary activities. I still maintain a singular business relationship with Worcester Investments, but would, without hesitation, discuss other business opportunities with them. I highly recommend Worcester Investments and I believe they represent the correct risk/reward opportunity.

- Toby Ream, Imagine Investing

As a banker who works with many small and mid-size businesses, I certainly feel that Worcester Investments is a step above the rest. You will not find a more professional, well-run organization. They are unparalleled in all aspects of their business, from the execution of their business plan to the planning, acquisition and financing structure. They are extremely thorough and always do their homework. It is truly a pleasure working with them.

- Chris Grossman

Paul and Joel were easy to work with and honest throughout the purchase process. We were able to close the transaction successfully. I look forward to working with them in the future.

- Aaron Mesmer, Block LLC

I have worked with Worcester Investments on a couple projects. They always paid on time and delivered exactly what was agreed upon. The Worcesters are known for their great integrity. I will gladly work with them again.

- Kevin Pendergast, O’Riley Capital

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