Park Highlands Apartments | 184 Units (HAP/LIHTC) | 67% Occupied

Highlights:

• 184-Unit Community Near Kansas City Core | Eight buildings span ±124,088 SF on 8.30 acres, with I-435 access and downtown 10 miles away.
• Lease-Up Potential at 67.4% Occupancy | The 83 LIHTC-only apartments are 57.8% occupied, offering a clear path toward stabilization.
• $1.19M Invested in Property Improvements | Seller upgrades from 2023–June 2026 include interiors, appliances, flooring, HVAC, and exteriors.
• Section 8 Support Across 101 Apartments | HUD project-based rental assistance runs through November 2033; all 184 units carry LIHTC limits.
• Pending HAP Request Targets 32.1% Growth | If approved as submitted, annual contract income would rise by $223,932, from $698,088 to $922,020.
• Community Amenities & On-Site Services | Residents have a gathering room, playground, laundry, picnic area, parking, and dedicated staff.

Description:

View details and diligence materials on RI Marketplace.com: https://rimarketplace.com/auction/3411/multifamily/kansas-city/mo?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=october21_2026&utm_content=multifamily_3411

Colliers and RI Marketplace present Park Highlands, a 184-unit garden-style multifamily community in Kansas City, Missouri. Built in 1982, the property spans eight buildings totaling approximately 124,088 SF on 8.30 acres, 10 miles from downtown with access to I-435, Missouri Route 350, Swope Park and the Blue Parkway retail corridor. All 184 units are subject to a LIHTC Land Use Restriction Agreement limiting occupancy to households at or below 60% AMI; 101 units also receive HUD Project-Based Section 8 assistance under a HAP contract through November 2033. Overall occupancy is 67.4%, with HAP-supported apartments at 75.2% and the 83 LIHTC-only residences at 57.8%, creating a defined lease-up opportunity. Ownership has submitted a budget-based HAP rent increase request to HUD/MHDC that remains pending approval. If approved as submitted, annual contract income across the 101 covered units would rise from approximately $698,088 to $922,020, an increase of $223,932 (+32.1%) not reflected in current income. The seller completed approximately $1.19 million in capital improvements from 2023 through June 2026, including interiors, appliances, flooring, HVAC and exterior/building systems. Amenities include a community room, playground, laundry, picnic area and parking, with on-site management and maintenance. Lease-up and the proposed subsidy adjustment offer two avenues for revenue growth.

Auction Starts: October 19th, 12pm EST
Auction Ends: October 21st, 12pm EST