Parke East & Parkview Villas

252 UNITS WITH PROVEN VALUE-ADD UPSIDE MINUTES FROM WICHITA STATE UNIVERSITY

Colliers is pleased to present Parke East and Parkview Villas, two townhome-style communities offering proven value-add upside in high-growth Wichita, Kansas. Boasting the largest units in the competitive set (Parke East Avg. 1,742 SF and Parkview Villas Avg. 1,581 SF), each property offers a mix of unrenovated and renovated units. Renovated units feature hardwood-style floors, new cabinets, higher-end laminate countertops, and black appliances to achieve monthly premiums over $200/unit. Current renovations represent the baseline for value-add upside. Premium upgrades including subway tile backsplash, a tech package, and stainless steel appliances generate even greater rent premiums and help differentiate each property from the competitive set.

New ownership can build upon the proven renovation premiums by leveraging outstanding organic new lease rent growth (12.3% at Parke East and 10.9% at Parkview Villas over the last 4 months) to further push top-line revenue.

MINUTES FROM WHOLE FOODS, TRADER JOE’S, & MAJOR EMPLOYERS IN WICHITA | MINIMAL NEW SUPPLY IN THE ENTIRE WICHITA MSA

Positioned near U.S. Route-400, Parke East and Parkview Villas offer residents easy access to popular retail such as Whole Foods, Trader Joe’s, and Costco along with major employers including Spirit AeroSystems (13,000 jobs), Wichita State University (2,000 jobs), and the Robert J. Dole VA Medical Center (1,025 jobs).

Market fundamentals are excellent with an unemployment rate of 3.0%, minimal new supply over the next 3+ years, stable occupancy (averaging 95%), and strong market rent growth (3.4% annually from 2024 to 2026). New ownership will acquire two assets with substantial upside and the ability to time value-add improvements with a rising Wichita market.

Parke East: 94% Occupied | Parkview Villas: 97% Occupied