10 Wichita apartments sell to two groups
08/06/2014 4:51 PM
08/07/2014 12:51 AM
WICHITA — Numerous Wichita apartments have recently changed hands.
First, Lew McGinnis, an Oklahoma businessman with a history of buying and selling apartment properties here and in his home state, has purchased six more in Wichita for a dozen total.
McGinnis didn't return calls for comment, but someone in his office – who declined to give her full name – confirmed that he has purchased new properties here and is now managing them as well.
They include the 240-unit Barclay Square Apartments near Riverside Park; the 220-unit Cedarbrooke Apartments on East Harry just east of Rock Road; the 138-unit Eastborough Apartments on East Kellogg just west of Rock Road; the 196-unit Kingsborough Apartments near South Seneca and West 27th Street South; the 244-unit Rockborough Apartments near Douglas and Rock; and the 239-unit Woodgate Apartments on East 21st Street North between Oliver and Woodlawn.
There have been some maintenance issues at some of the complexes since McGinnis took over late last week.
"Yes, when we took over the management of the company, basically what had happened is there was a lot of work orders," the McGinnis employee says.
Cedarbrooke resident Mary Bouray says her air conditioning was out for almost a week.
"They keep telling me they don't have any maintenance people," Bouray says.
The McGinnis employee says that's being addressed.
"We have maintenance staff from our other Wichita properties so we've brought them in to help with the workload to make sure everything gets done quickly," she says. "They're going to be taking care of the work orders in the order that they were received."
In other Wichita apartment news, business partners Rupan Dev and Anm Doza have purchased four apartment communities so far this year.
This month, they bought the 120-unit Elms Apartments, which is on East Harry between Hillside and Hydraulic
A couple of months before that, they bought the 79-unit Northtown Square Apartments at 21st and Waco.
This spring, they bought the 60-unit Biscayne Apartments on East Wassall just west of Hydraulic, and in the winter they purchased the 108-unit Bradford Glen Apartments on South Hydraulic between Kellogg and Lincoln.
Jeff Englert and Nathan Farha of NAI Martens handled the deals.
Dev says he's been in the gas station business, but “the gas station is kind of a headache for us."
He says real estate has more potential for cash flow down the road, so he's interested in purchasing more apartments.
"Maybe one more this year and a few more next year."
For now, though, Dev says he'll concentrate on what he has.
"Right now, we're remodeling all our rooms."
That includes plans to take out old carpet, add flowers to landscaping and replace windows and gutters, among other things, Dev says.
"We'll start very soon."
About Carrie Rengers
Carrie Rengers joined The Eagle's Business team in 2002 despite her inability to even balance a checkbook. Fortunately for her, and readers, her Have You Heard? blog is about business scoops and contains lots of news but almost no math.
A Michigan native, Carrie’s father was quite tragically transferred to Little Rock, Ark., in the middle of her sophomore year of high school. To make matters worse, her parents put her in a girls school. She recovered, though, and went on to enjoy being an English major at Hendrix College (the Harvard of the Ozarks, don’t you know). She worked for the weekly Arkansas Business and the statewide daily Arkansas Democrat-Gazette before moving to Wichita to be with her favorite writer and cook, husband Joe Stumpe.
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