Lodge West

~40%

Sale price above purchase price, sold August 2025

THE OPPORTUNITY

Lodge West is an 84-unit apartment community on West Kellogg in Wichita: about 52,000 square feet of mostly one-bedroom homes. PETRA sourced it directly from the seller, off-market, and bought it below appraised value.

The thesis was straightforward. Rents sat below the neighborhood and the property could be run better. Close that gap through hands-on management, and the community would earn more, steadily and without a major repositioning.

THE CHALLENGE

At contract the property was 87% occupied, in-place rents were well below nearby comparables, and operating costs were too high for a property its size.

PETRA closed on February 25, 2020. Within weeks the pandemic put every multifamily business plan in question. Over the next five years Lodge West would also face a sharp rise in interest rates, a flood in October 2023 and a buyer who tried to renegotiate at the last minute.

WHAT WE DID

Held occupancy and collections through COVID. While much of the market braced for vacancies, occupancy at Lodge West reached 96% by September 2020.

Moved rents to market, unit by unit. Rather than push increases across the board, PETRA brought units to target rents as leases turned. 34 of 84 units were at target rents within a year.

Grew revenue through operations. One-year leases and a simplified utility reimbursement made income steadier and more predictable.

Improved safety and curb appeal. Stairwells were repaired, pool maintenance was automated and the exterior was refreshed.

Handled problems directly. After the October 2023 flood, repairs were completed with no residents displaced.

THE OUTCOME

From Q3 2020 to Q3 2023, quarterly revenue rose 44%.

In 2024 a buyer went under contract and then, late in the process, asked for a 25% price cut. PETRA ended the deal rather than accept a price that did not reflect the property.

The property was re-marketed and sold in August 2025 at about 40% above the purchase price. Investors received their capital back with a profit.

WHY IT MATTERS

Lodge West ran through a pandemic, a sharp rise in rates, a flood and a failed sale. At each turn the question was the same: what serves investors best? Sometimes that meant holding steady, once it meant walking away from a buyer, and in 2025 it meant selling. Being a dependable partner means making those calls with care and standing firm when it counts.

PROJECT TEAM

PETRA, Sponsor and owner-operator

This case study describes a single project and is for informational purposes only. It is not an offer to sell or a solicitation of an offer to buy any security. Past performance does not guarantee future results.