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

Colliers and RI Marketplace are pleased to present Park Highlands, a 184-unit garden-style multifamily community in Kansas City, Missouri. Built in 1982, the Property is restricted under a LIHTC Land Use Restriction Agreement (LURA) covering all 184 units at ≤60% AMI, with 101 units additionally supported by a HUD Project-Based Section 8 HAP contract through November 2033.

Park Highlands is currently 67.4% occupied, creating a significant lease-up and stabilization opportunity. HAP-supported units are 75.2% occupied, while the 83 LIHTC-only units are 57.8% occupied, representing the primary gap to stabilization and the clearest path to near-term upside.

Ownership has also submitted a budget-based HAP rent increase request to HUD/MHDC that remains pending approval. Current HAP rents reflect the 2024 rent schedule and limits, and approval of the proposed increase, together with implementation of the 2026 rent limits, would provide new ownership with an opportunity to capture additional organic rent growth across the property’s 101 HAP-supported units. Combined with the significant lease-up potential within the 83 LIHTC-only units, which currently trail the HAP-assisted portion of the property in occupancy, Park Highlands offers two distinct and complementary drivers of revenue growth: occupancy stabilization and rental rate expansion.