• 95-unit newly constructed multi-family asset
• Offering 1 and 2-bedroom floorplans
• Potential for first-generation lease turnover to rental rates in-line with other new assets in the submarket
• Newest leases showing up to 8% increases over existing leases
• Limited competitive supply

Walker Heights

Walker Heights is an impressive residential complex comprised of 95 newly built apartments featuring spacious one and two-bedroom floor plans. Nestled in the rapidly growing Nixa exurb of Springfield, Missouri, this property faces minimal competition in the area. Nixa, MO, with its population of over 23,000, has seen exponential growth over the past two decades, making it a highly sought-after location, just 12 miles from Springfield. As the property is currently in the lease-up phase, it is well-positioned in an expanding submarket and is unlikely to face additional competition from new construction projects in the near future. Notably, there is potential for initial lease turnover to command rental rates comparable to other new properties in the submarket, with recent leases showing increases of up to 8% over existing leases.

Triad is proud to be partnering with Matt Miller at The Closers Agency for this property.

Nixa, MO

With over 23,000 residents, Nixa is 12 miles south of Springfield, Missouri. Nixa has experienced significant growth, with the population nearly doubling since 2000 and growing by almost 25% since 2010. Springfield, with a population of almost 170,000, is the third-largest city in Missouri. It is also the principal city of the metropolitan statistical area with a population of over 485,000, including the counties of Greene, Christian, Dallas, Polk, and Webster. Springfield is known as the "Birthplace of Route 66" and attracts millions of visitors annually. There are over 60 lodging facilities and 6,000 hotel rooms in the city. The Convention & Visitors Bureau spends over $1 million annually to market Springfield as a travel destination.

Springfield's downtown area has undergone a revival in recent years, with many older buildings being renovated into mixed-use spaces such as lofts, office space, restaurants, coffee shops, bars, boutiques, and music venues. The Downtown Springfield Community Improvement area is home to two historic theaters, the Gillioz Theatre and the Landers Theatre, both of which have been restored to their original state.

Springfield's job growth has not only been a boon for the city but has also significantly impacted Nixa and its multifamily market. As the primary service center in southwest Missouri, Springfield was the state's fastest-growing metro area in 2021, outpacing even Kansas City. This rapid growth in employment opportunities in Springfield has led to a surge in demand for housing in Nixa, making it a prime location for real estate investment. Springfield's population growth exceeds the national average, and it may need to target further population growth to meet the growing employment demands, according to Matt Morrow, the President of the Springfield Area Chamber of Commerce.