Property Type: Class B Multifamily Community
Location: Wichita, KS
Purchase Date: April 2003
Purchase Price: $14,750,000
Recapitalized 2013
Recapitalization Price: $20,750,000
Initial Gross IRR: 12.35%
Date Sold: September 2016
Sale Price: $30,400,000
2013-2016 Gross IRR: 39.61%
Sundance Apartments is a 496 unit apartment community built in 1981 and purchased by Somerset in 2003 and ultimately sold in 2016. Sundance Apartments has excellent frontage along North Rock Road, a major corridor in the heart of the desirable WSU/Northeast multifamily submarket. Directly across North Rock Road from this asset is Bradley Fair, the premier high-end dining and shopping destination in the area. This property’s amenity package includes a resort style indoor pool/ hot tub and tropical atrium within the clubhouse, lighted tennis courts, a 24 hour fitness facility and large resident clubhouse.