Stonepost Apartment Homes
Multifamily | 63 Units
Marketing description
Colliers is pleased to present Stonepost Apartments ("Stonepost"), a 63-unit garden-style community with strategic value-add upside in Hays, Kansas. Built in 2007, the property features oversized two- and three-bedroom floor plans averaging 1,061 square feet, well-positioned to capture demand for larger, higher-quality product in the market. Stonepost offers multiple avenues to drive value, including nine existing market-rate units with immediate upside and 54 affordable units that provide a clear path to conversion and mark-to-market rents. Through the Qualified Contract and decontrol process, units transition to market-rate upon vacancy, enabling a phased and executable repositioning strategy. As the newest and highest-quality asset in Hays, Stonepost presents new ownership with the opportunity to establish the market's premier apartment community while capturing meaningful rent growth.
Currently 100% occupied and generating stable in-place cash flow, Stonepost offers immediate value-add upside through a phased transition to market-rate. All 63 units feature original interiors, including tile and carpet flooring, laminate countertops, and white or black appliance packages, presenting a clear opportunity to enhance the product. Implementing a targeted interior renovation program—featuring wood-style flooring, tile backsplashes, upgraded laminate countertops, and stainless steel appliances—will elevate the community to a best-in-class offering within the Hays market. With the property in excellent physical condition and supported by a well-rounded amenity package, capital can be efficiently deployed toward high-impact, revenue-generating interior upgrades.
Positioned directly across from the popular Hays Aquatic Park and in close proximity to Fort Hays State University (12,900 students and 1,500 jobs) and Hays Medical Center (1,000+ jobs), Stonepost is well-located to attract the highest-income renter demographic in the market. New ownership will acquire the newest asset in Hays, supported by no new supply and strong occupancy (averaging 95.4%), providing a clear runway to push top-line rents as units transition to market-rate.
Investment highlights
- 100% Occupied and Generating Stable Cash Flow: Excellent leasing trends averaging 98.5% occupancy over the last 12 months
- Excellent NOI Projections Upon Conversion to Market-Rate: $279/unit Mark to Market Premium
- Currently 9 Market-Rate Units & 54 Affordable Units: The market-rate units offer immediate value-add upside. The affordable units will be able to mark to market upon conversion
- All Units are 2BR & 3BRs: Fits the average household size of local demographic
- Strategic Value-Add Upside: All 63 units have tile/carpet floors, laminate countertops, original cabinets, and white or black appliances. Renovations including modern cabinets, plank wood-style flooring, high-end laminate countertops, backsplash, and stainless steel appliances transform the property
- Large Units: Stonepost averages 1,061 SF
- Ability to Create the Top Option in Hays: Built in 2007, Stonepost is in excellent physical condition and allows new ownership to control the highest rents in a stable market with strong demand
- Lack of Competition: Despite 23,200 residents in Hays, there are only 109 market-rate units - Clear Need for Upscale Rentals
- High Occupancy Market: 95.4% average occupancy in Hays
- No New Supply: In the entire Hays market. The lack of new supply will fuel rapid future rent growth
- Great School District: All the assigned public schools are rated 7 or 8 out of 10 on greatschools.org
- Very Low Unemployment Rate: Averaging 2.0% since 2021
- Across the Street from the Hays Aquatic Park: The most popular attraction in Hays featuring water slides, a lazy river, and a competition pool
- Close Proximity to Fort Hays State University & the Hays Medical Center: Residents have easy access to thousands of jobs
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