In June 2023, the CalTier Fund 1 acquired 154 N. Topeka, a 14-unit multi-family mixed-use building with three commercial units, located in downtown Wichita, Kansas. 154 N. Topeka fits CalTier’s continued investment focus on value-add multi-family opportunities across the United States, focusing on the growth potential in under-the-radar locations with solid economic drivers.
Kansas has seen its gross domestic product (GDP) grow by 6% from Q4 of 2022, that’s 3 times the national average. During the same time, personal income has grown by 8.4%, surpassing the national average of 5.1%. Wichita itself has seen tremendous growth, particularly in the development and redevelopment of Downtown Wichita and the surrounding areas. Some of these recent developments include the Kansas Health Science Center, Riverfront Stadium, Cargill Headquarters, Fidelity Bank expansion, INTRUST Bank Arena, Orpheum Theatre, and Naftzger Park – all of which are within walking distance of 154 N. Topeka. 154 N. Topeka is also within walking distance of the Old Town entertainment district and the Arkansas River pedestrian and bike trails.
154 N, Topeka, is a uniquely desirable asset, comprising 14 newly renovated multi-family units and three commercial units. 154 N. Topeka is centrally located to many of Wichita’s key employment and entertainment drivers, catering to various potential renters, including young professionals.
154 N. Topeka has great renovation upside and synergistic operational efficiencies. The plan is to complete minor renovations in the 14 multi-family units and one commercial unit within the first month and increase rents to market rate.
Prior ownership has kept the property well maintained and has invested capital to renovate the 14 multi-family units and cure deferred maintenance items. The plan is to benefit from the property’s expected cash flow and cure any additional items and increase the curb appeal to position 154 N. Topeka for sale.