Skip to content
Homepage
  • Market
    • Illinois
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Real Estate Awards
  • Subscribe
  • Publications

NAS delivers big return in sale of Kansas multifamily property

July 1, 2018
Share on Facebook Share on Twitter Share on LinkedIn Share via email

National Asset Services delivered a 115 percent cumulative return on investment to investors in PineCrest Townhomes in Olathe, Kansas. The return was realized with the recent sale of the property to a well-known Kansas City-area developer.

NAS, which has a reputation as a turn-around specialist for underperforming properties, assumed asset management responsibility of PineCrest Townhomes in 2010. Company executives took action to increase occupancy to more than 99 percent, while implementing rigid money management procedures that included negotiating new payment terms with local vendors.

“NAS took over the management of PineCrest at a time when the property was experiencing issues due to mismanagement that caused unacceptable vacancy and poor communication with the investors,” said Bill Heiden, PineCrest investor. “NAS worked with the investors to organize refinancing and hire a new property manager, and was instrumental in turning the property around with refreshing transparency to all investors, culminating in the recent successful sale of the property.”

Built in 2003, a group of tenant-in-common investors purchased PineCrest Townhomes in 2004. The 556,584-square-foot multifamily property consists of 144 luxury townhome-style units on 12.65 acres.

PineCrest Townhomes is located in the Kansas City submarket of Olathe, Kansas.  

Tags
investmentKansasmultifamilyNational Asset ServicesOlathe
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IowaHealthcare

Iowa’s St. Anthony Region Hospital wraps renovations on dialysis and obstetrics departments

September 27, 2023
MinnesotaHealthcare

Forte Real Estate Partners closes two leases for Minnesota healthcare providers

September 27, 2023
MinnesotaOffice

To sublease or not? That is the question

Katie TrevenaSeptember 27, 2023
MichiganRetail

Marcus & Millichap closes sale of Michigan retail center anchored by Five Below, Office Depot

September 27, 2023

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Office Locations
  • Advertise
© 2023 REjournals.com