Parc at 21st & Rock

Description

Newmark has been retained as Exclusive Listing Agent for the sale of Parc at 21st and Rick in Wichita, Kansas. Built in 1980, the subject property’s 240 garden-style units feature a best-in-market location in affluent northeastern Wichita near premier retail, top area employers, major arterials, and Wichita State University.

Desirable Location
Parc at 21st and Rock lies within walking distance of the fine dining and upscale retail of the Bradley Fair shopping, dining, and entertainment district, which hosts a variety of community events including a summer concert series, art fairs, and fireworks displays. The community enjoys high traffic exposure of nearly 16,000 cars daily thanks to frontage access to East 21st Street North, and ideal proximity to State Highways 96 and 400 affords residents short commute times to the major employers of the Central Business District and greater Wichita metro. The employee demographic within a three-mile radius of Parc at 21st and Rock trends 68.7% white-collar with home values averaging $326,268.

Appealing Amenities
Parc at 21st and Rock offers residents ample greenspace with desirable amenities including a sparking community pool, club room with coffee bar, business center, fitness center, laundry room, covered grilling pavilions, dog park, and children's playground. The property’s mix of one- and two-bedroom floor plans and large average unit size attracts an ideal cross-section of working professionals, small families, students, and graduates entering the workplace.

Proactively Maintained with Opportunities to Raise Rents
The subject property's current owners have invested over $1.75 million for unit and community upgrades since acquiring the community in 2022. Improvements to exteriors, amenities, leasing office, appliances, and more have driven strong resident loyalty with occupancy trend and lease trade-outs exceeding market averages. Demonstrated rent premiums on units upgraded with washer/dryer connections, quartz or granite countertops, custom cabinetry, and faux-wood flooring throughout clearly indicate opportunities for further revenue growth through raising lease rents to submarket averages.

Parc at 21st & Rock