Narthex One Newsletter – Q2 2022
A flurry of activity…
A message from Rob Boyer, CEO
Outstanding second quarter. All our properties are performing as expected. The property pipeline has also picked up significantly.
I’m happy to report that we are now under contract for the purchase of Our Lady of Lourdes Catholic Church for $1.5 mm. OL of L is unique in that we will have fully leased and sold this property prior to taking possession. The tenant, City of Truth, is a well-known megachurch in Kansas City with approximately 1,200 members. We will buy the property for them, renovate to their specification, lease to them for two years as they build up their capital reserves, and then sell to them for a pre-negotiated price at the end of their lease. Exciting project.
The second floor of our Grace Paseo church is currently in feasibility. We have contracted a design firm to convert this tired area of the church into beautiful counseling space and worship/office space. Since covid, there has been an increase in demand for Christian counseling and we believe this space will be ideal for this growing trend. Preliminary discussions with Christian counseling groups has been very favorable.
The future is exciting for us. As we deploy all the funds in Narthex One, we are now preparing to launch Narthex Two and expand our activity beyond Kansas City. Details to follow on this new offering, but there will be a separate class of stock specifically for Narthex One investors who joined us early on in this venture.
As always, I am readily available to you should you have any questions or thoughts. Grateful to all of you! And this path we are on together!
Spiritual impact
Say hello to Iglesia Cristiana; a newly formed Hispanic church plant with 25 members. They contacted us, looking for a specific location and we introduced them to Colonial Church, one of our Partner churches. They now rent the small chapel in Colonial’s building and are thriving! This is some of the most rewarding work we do. It’s time consuming, and not terribly profitable, but here’s a small, struggling, church plant on a very limited budget that now has a place to call their own. Seeing these two congregations share space and work together to serve the Kingdom is a genuine gift to our team. And to all of you… who made it possible.
