For Immediate Release
June 10, 2019 – A joint venture partnership of L5 Investments, Odyssey Properties Group and BH Equities announced today it has acquired The Crossing at Barry Road Apartments, a 624-unit, 95 percent occupied, value-add apartment community located at 7831 N.W. Roanridge Road in Kansas City, MO.
“Our partnership plans to immediately begin a three-year $13.8 million renovation plan on this extremely well-located apartment community. We love this submarket and the accessibility to Zona Rosa Town Center and strong nearby retail and entertainment,” said Michael Flaherty, Founder and Managing Partner of L5 Investments. “We will upgrade unit interiors as they become available, address deferred maintenance issues and improve community amenities and overall aesthetics. Additionally, BH Management, the property management arm of BH Equities, is now in place and will embark on a comprehensive plan to improve management and operations.”
Built in 1997, the garden-style apartment asset is situated on 40.9 acres and includes 54 three-story buildings. The floorplans consist of one- and two-bedroom units with 9’ ceilings, crown molding, oversized closets, private balconies or patios, and some units offer a wood-burning fireplace, lake views, additional storage closets and washer/dryer. The on-site amenities feature a best-in-class clubhouse, fitness center, Starbucks coffee bar, business center, two resort-style swimming pools, lighted tennis court, outdoor picnic and grilling areas and two lakes.
“THIS PROPERTY IS ONE OF THIS PARTNERSHIP’S LARGEST AND HIGHEST PROFILE ACQUISITIONS TO DATE AND PROVIDES A HUGE AMOUNT OF UPSIDE FOR US AS WE SEEK TO MEET DEMAND FROM AREA RESIDENTS LOOKING FOR ALL THE BELLS AND WHISTLES IN AN UPGRADED, HIGHLY AMENITIZED, YET AFFORDABLE RENTAL COMMUNITY. THIS IS OUR FIFTH APARTMENT COMMUNITY IN THE KANSAS CITY METRO AREA.”
“We are excited to partner with L5 to grow our presence in the Kansas City metro,” said BH Equities’ Director of Acquisitions Ben Roby. “With this acquisition we exceed 2,000 units acquired with L5 in the Kansas City area and believe it will bring us more operational efficiencies and complement our current portfolio of Whispering Lake, The Reserve at 77, The Meadows, and The Carlyle.”
The Crossing at Barry Road is an iconic, well known property that is ideally located in an area of attractive growth and is directly off Interstate 29 just south of the Barry Road interchange. The property is just eight miles from the Kansas City International Airport which is embarking upon a significant $1.5 billion expansion that is anticipated to create approximately 5,000 to 8,000 construction jobs over the next five years. The community is also within immediate walking distance to AMC Theatres (24 screens), newly opened Main Event Entertainment, multiple restaurants including Texas Roadhouse Steakhouse, and is next door to a planned 60,000-square-foot One Life Fitness Gym. Finally, it is located just one mile from the Zona Rosa Town Center, one of Kansas City’s premier mixed-use lifestyle, fashion and dining destinations, including over 100 merchants and restaurants.
Kansas City is recognized as one of the nation’s most diverse economies and is home to a number of national headquarters including Hallmark Cards, Sprint, Garmin International, Cerner Corp. and AMC Entertainment. Additionally, Kansas City has increasingly become a hub for startups and entrepreneurs that are attracted to the metro’s abundant talent pool and economical office space. Overall, job growth continues in sectors with higher-than-average wages, resulting in above-average growth per capita incomes.
CBRE’s Jeff Stingley, Max Helgeson and Michael Spero represented the seller, a joint venture partnership led by Gold Oller Real Estate Investments out of Philadelphia, PA the transaction. This transaction brings the team’s metro sales volume to $500 million since 2018.
According to Stingley, “The Kansas City metro continues to attract capital from across the country. The Northland submarket is especially attractive for multifamily investment due to its phenomenal population growth, award-winning schools, and proximity to employers and amenities.”
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