The Hendrix Apartments
The strongest investments aren't bets on what a place might become — they're built where demand already exists. The Hendrix rises in the most affluent, fastest-growing corner of Kansas City, in a submarket where new supply hasn't kept pace with the people moving in — residents whose incomes match the homes being built for them. Stellar has spent more than three decades developing, constructing, and operating communities like this one, never defaulting on a loan and never losing a dollar of investor capital. The right property, in a market doing the work, built by a team with the track record to deliver it.
Key Terms
Investment Overview
Stellar Development Company is offering qualified accredited investors the opportunity to participate in the ground-up development of The Hendrix Apartments — a 285-unit Class A luxury multifamily community located at the Southeast corner of Blackfoot Drive & 133rd Street in Olathe, Kansas.
Olathe sits within Johnson County, widely regarded as one of the strongest and most affluent counties in the Midwest. The project benefits from strong demographic tailwinds, a diverse and growing employment base anchored by Garmin, T-Mobile, and Panasonic’s $4B EV battery facility, and exceptional connectivity to Greater Kansas City.
The Hendrix will deliver 285 market-rate units across 8 buildings on 14.86 acres, with an average unit size of 934 SF and projected average rents of $1,869/month. Construction is scheduled to begin September 2026, with first move-ins targeted for May 2028 and stabilization by July 2029.
Property & Construction
The Hendrix will be constructed as a 3–4 story garden/urban style community across 8 residential buildings plus a standalone clubhouse on 14.86 acres. Exterior finishes blend board & batten, stucco, and brick. Units feature quartz countertops, luxury vinyl plank flooring, smart home technology, stainless steel appliances, in-unit washer/dryer, and tuck-under garages.
Development Specifications
Construction Specs
Unit Mix
| Unit Type | Units | % Mix | Unit SF | Rent/SF | Rent/Unit |
|---|---|---|---|---|---|
| 1 BR / 1 BA — A | 47 | 16% | 674 | $2.30 | $1,550 |
| 1 BR / 1 BA — B | 67 | 24% | 743 | $2.19 | $1,625 |
| 1 BR / 1 BA — C | 27 | 9% | 851 | $2.06 | $1,750 |
| 2 BR / 2 BA — A | 20 | 7% | 983 | $2.01 | $1,975 |
| 2 BR / 2 BA — B | 44 | 15% | 1,018 | $2.01 | $2,050 |
| 2 BR / 2 BA — C | 68 | 24% | 1,196 | $1.78 | $2,125 |
| 3 BR / 2 BA | 12 | 4% | 1,335 | $1.84 | $2,450 |
| Total / Average | 285 | 100% | 934 avg | $2.00 | $1,869 |
Community Amenities
Capital Stack, Returns & Cash Flow
Project Uses
Debt Terms
Cash Flow Projection Summary
| Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6* | |
|---|---|---|---|---|---|---|
| Total Income | $0 | $607,249 | $5.25M | $7.10M | $7.32M | $5.64M |
| Total Expenses | $0 | $1.13M | $2.22M | $2.66M | $2.74M | $2.10M |
| Net Operating Income | $0 | ($529K) | $3.03M | $4.44M | $4.58M | $3.53M |
| Debt Service | $0 | $0 | ($1.82M) | ($2.04M) | ($2.54M) | ($1.90M) |
| DSCR | — | — | 1.66x | 1.65x | 1.80x | 1.85x |
| Cash Flow | ($19.52M) | $39.1K | $1.21M | $1.75M | $2.04M | $43.75M |
*Year 6 only has nine months of operations before sale. Debt service is funded by Capitalized Interest Expense Reserves until the property reaches the breakeven point.
Development Timeline
5 years, 8 months — Land Closing Through Disposition
Land Close · Loan Close · Construction Start26-month construction period commences. $45.5M construction draw note funded. Capitalized interest reserves active through breakeven.
Operations Start · Clubhouse Opens · First Move-Ins14-month lease-up period begins. Revenue commences. Market vacancy concessions expected through early lease-up stabilization.
Construction CompleteAll 285 units delivered across 8 buildings. Full leasing velocity achieved across all buildings.
Property StabilizedTarget occupancy achieved. DSCR reaches 1.66x. Transition to 3-year stabilized hold period begins.
DispositionTarget sale in Year 6. Full return of capital and equity distributions to investors upon closing.
Sponsor Track Record
Stellar Development — 35+ years, zero defaults
Stellar Family of Companies is a vertically integrated private equity real estate firm headquartered in Lubbock, Texas. Founded in 1989, Stellar operates five arms of business — investment, development, construction, property management, and asset management — all focused exclusively on multifamily.
Platform Capabilities
Leadership
Contact
Lubbock, Texas 79424
Market & Assets
Target Markets
Olathe, Kansas — Johnson County's anchor submarket
Submarket Fundamentals (Q4 2025)
Nearby Investment Catalyst
Community Demographics (ZIP 66062)
Top Employers Near The Hendrix
Property Visuals
The Hendrix Apartments
Deep Dive
| 01 | Vertically integrated sponsor with zero defaults in 35+ years
Stellar Development controls acquisition, construction, asset management, and property management in-house – eliminating third-party hand-off risk and driving cost efficiencies. Since 1989, Stellar has never defaulted on a loan and has never lost a dollar of investor capital across $409.6M in transaction volume. |
| 02 | Rents priced below the competitive set at entry
The Hendrix’s projected rents are $132 below the 1BR comp average, $91 below the 2BR comp average, and $325 below the 3BR comp average among stabilized direct comparables – providing built-in absorption cushion and upside optionality as the property seasons into market. |
| 03 | Exceptional submarket fundamentals with low vacancy
The Olathe submarket recorded a 4.2% multifamily vacancy rate and 4.0% year-over-year rent growth as of Q4 2025 – outperforming national averages. Only 696 units are under construction in the immediate submarket, limiting near-term supply pressure during The Hendrix’s lease-up window. |
| 04 | Major economic catalysts driving housing demand
Panasonic’s $4B EV battery plant (~4,000 jobs), Fiserv’s $125M regional HQ (~2,000 jobs at $125K average salary), and the Olathe Gateway District ($340M mixed-use, opening 2026) represent transformational investment directly expanding the high-income renter pool. |
| 05 | Conservative capital structure with fully funded interest reserves
The 70/30 debt-equity stack is supported by a $45.5M commercial construction draw note at 6% with a 5-year term and 48 months of interest-only. Capitalized interest reserves are fully funded through breakeven, reducing capital call risk during the construction and lease-up period. |
Structure, Eligibility & How to Invest
Investment Terms
Fees & Waterfall
Documents & Disclosures
Important Disclosures: This offering summary is for informational purposes only and does not constitute an offer to sell or a solicitation to buy securities. Any offer or solicitation will be made only through the Private Placement Memorandum (PPM) and related subscription documents available to qualified investors through the secure investor portal.
Risk of loss: All real estate investments involve risk, including the potential loss of principal. Past performance does not guarantee future results. Projected returns are estimates only and are not guaranteed. Actual results may differ materially from projections.
Liquidity: Interests in this investment are illiquid. There is no public market for interests, and transfer restrictions apply. Investors should be prepared to hold their investment for the entire holding period.
Forward-looking Statements: This document contains forward-looking statements regarding anticipated performance, market conditions, and investment strategy. These statements are subject to risks and uncertainties, and actual results may differ.
Risks & Considerations
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