PACIFIC SANDS FUNDS CLOSES ESCROW ON TWO UNIQUE KANSAS PROPERTIES
The Investment Group Plans Major Improvements for Properties in the Westport Neighborhood of Kansas City and Downtown Wichita
The Commodore Property is an iconic building anchoring our District and we look forward to working with Pacific Sands in their rehabilitation of the property for the benefit of our area residents.”
LOS ANGELES, CA, UNITED STATES, October 18, 2021 /EINPresswire.com/ -- Pacific Sands Funds, a privately held real estate investment firm focused on the U.S. residential market, announced that they have closed two investments in Kansas with plans for major upgrades. — , said Cindy Claycomb, Wichita District 6 City Council Member
The first is the Commodore Apartments in downtown Wichita, KS, an almost 100-year-old landmark hotel that was converted into apartments. At nine stories tall, the building is a prominent part of the Wichita skyline.
“The Commodore Property is an iconic building anchoring our District, said Cindy Claycomb, Wichita District 6 City Council Member. “We look forward to working with Pacific Sands Development in their rehabilitation and repositioning of the property for the benefit of our area residents and property owners."
The capital improvement plan consists of interior and exterior upgrades. The interior renovations include ensuring that all the units have individual electric meters, upgraded kitchens/cabinetry, and updated bathrooms. The exterior work will include replacing windows, repairing the brick facade, and upgrading the common areas. The renovation project will total approximately $1.6 million.
In addition to the Commodore, the group has purchased a 16-unit apartment building in the Westport area of Kansas City, KS, an up-and-coming neighborhood that caters to young professionals with a number of bars, restaurants and shopping. The upgrades for this location will include quartz counter tops, stainless steel appliances and in-unit washer/dryers.
“Both these properties in Kansas represent ideal opportunities for our investors,” said Jim Shute, Managing Partner and Chief Operating Officer of Pacific Sands. “We were able to secure these properties off market allowing us to make important upgrades to the individual units.”
For more information about Pacific Sands, visit www.pacificsandsfunds.com.
Pacific Sands Funds is based in Irvine, CA and the principals have built a personal portfolio of over 500 units in Southern California, Wichita, St Louis, and Kansas City over the last 10 years. The principals of Pacific Sands have also raised four previous funds with an average of a mid-30% internal rate of return upon disposition.
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