Cinergy Cinemas & Entertainment - Photo credit: Wade Griffith
San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 272-unit Metcalf Village Apartments in Overland Park, announcing plans to rebrand the complex at 16201 Travis St. as Boulders at Overland Park Apartments.
"This community represented a great opportunity to buy new, stabilized product below replacement cost thanks to robust local market momentum," said David Nelson, HZ managing director of acquisitions.
Built in 2017, the 261,000-square foot community attracted the west coast investment firm in part because of its location in the nationally ranked Blue Valley School District.
"Overland Park has been a target market for our acquisitions team, and we are excited to have found a perfect acquisition to fit our criteria," Nelson added. "We look forward to further growing our presence in Kansas in the years to come."
Boulders at Overland Park will offer a mix of one-, two-, and three-bedroom units well-suited for both single and family occupancy. HZ plans to upgrade the property's landscape and lighting.
Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based affiliate company of HZ. The purchase closed February 28. For more information, click here.
Will Mathews, Bob Galamba, and Gabe Tovar of the Colliers East Region Group facilitated the transaction. The community was sold by JA Murphy Group and purchased by Hamilton Zanze.
Since 2001, Hamilton Zanze has acquired over $3.3 billion in multifamily assets in 14 states across the U.S. The company currently owns and operates 83 properties with over 19,000 units.
A Cleveland-based developer has secured $52 million in financing for its West Bottoms Flats multifamily project, clearing another hurdle in its effort to redevelop five historic warehouse buildings into so-called micro apartments.
The $66 million redevelopment includes 265 one-room apartments plus structured parking and more than 5,000 square feet of commercial space. Grandbridge Real Estate Capital LLC and Brown Gibbons Lang & Co. LLC facilitated the finance package on behalf of MCM Co. Inc.
With an average footprint of about 600 square feet, micro apartments-or microflats- are considered the next frontier in multifamily housing. Designed to appeal to Millennials, the units are self-contained living spaces that include a kitchenette, sitting space, sleeping space, and bathroom. With completion targeted for 2020, West Bottoms Flats apartments are expected to rent for between $1,000 and $1,200 a month.
“The target market is young professionals who desire smaller units at a lower price point in a heavily dense, urban community with strong neighborhood amenities and connectivity,” said Doug Bates, Grandbridge vice president for the Kansas City market. “The concept is relatively new to Kansas City, but other Midwestern cities have a seen a great deal of deliveries and success with this concept.”
Situated on 2.4 acres between Ninth Street and St. Louis Avenue, Hickory and Wyoming streets, West Bottoms Flats is the first historic multifamily project in the West Bottoms neighborhood just west of Downtown Kansas City and the first metro-area project for MCM Co. Inc.
“Given its linkages to and the strong demand drivers in the neighboring River Market, Downtown, and Crossroads markets, the West Bottoms is well positioned to be the up and coming urban lifestyle community in Kansas City,” Bates added.
The financing package includes more than $24 million in federal and state historic tax credits equity secured through partners Enhanced Capital and Historic Equity Inc., as well as a $31.85 million senior construction loan and $20 million historic tax credit bridge loan. Project lenders include Kansas City-based Blue Ridge Bank & Trust, Jefferson City-based Hawthorn Bank, and Ohio-based Huntington National Bank.
A variety of incentives and abatements were secured through programs administered by the City of Kansas City and Jackson County, Missouri.
The Kansas City Council has approved rezoning of about 50 acres near the Grandview Triangle in the Hickman Mills area, clearing the way for the first new upscale residential project in that pocket of South Kansas City in a generation.
Construction is expected to begin on the first phase of the River Birch Townhomes project in late summer, with 27 fourplex buildings completed in 2020. At full buildout, development plans call for construction of 204 units in 51 two-story buildings built in two phases.
The $28 million project is being developed by James Ellis of HC Realty Development Co. and aims to attract young professionals working at Cerner Corporation’s Innovation Campus less than five miles away, as well as Honeywell's campus at I-49 and Missouri Highway 150.
“There’s a strong need for quality housing in south Kansas City, Missouri,” Ellis said. “With quality employers including Cerner and Honeywell and the proposed redevelopment of the former Bannister Federal Complex, there will be a large influx of young professionals.”
No incentives were requested for the project, which was unanimously approved by the Kansas City Council and the city’s Board of Zoning Appeals. It also has received strong support from the South Kansas City Neighborhood Alliance and the Hickman Mills School District.
The community will offer two- and three-bedroom units for lease starting at about $1,500 per month. Amenities planned for the project include a clubhouse, pool, playground and large amounts of green place.
The former Oggi Modern Furnishings building at 600 Central St. in downtown Kansas City’s former Garment District has found new life as Oggi Lofts, a 25-unit market-rate apartment project.
Ted Murray of Colliers International teamed up with Andy Homoly of Homoly Construction on the $6.7 million redevelopment designed by architecture firm Clockwork Architecture + Design. Rosin Preservation helped secure historic tax credits for conversion of the 110-year old, five-story brick building located on the National Register of Historic Places.
As with any historic redevelopment, Oggi Lofts offered its share of surprises and conundrums.
“Anytime you get into an older building that needs to be gutted, there are always surprises,” said Murray, who pursued the project independent of his role as Co-CEO of Colliers’ Kansas City office. “This project was so different and really created a need for problem solving during the construction process.”
For example, the building’s entire stair tower required full replacement, yet historic preservation standards required that the original hardwood flooring remain. Another hurdle involved successfully obtaining approval from the National Park Service to add windows on the north side of the brick building. But perhaps the biggest challenge involved designing and constructing units around the building’s many columns, which could not be touched in the name of structural integrity.
“We had to conserve space, and Andy (Homoly) and the construction team really thought through how to integrate all the vertical columns into the various units,” Murray told MetroWire Media during a tour of the project.
A hallmark of Oggi Lofts is a rooftop deck with panoramic views of the Missouri River, and Charles B. Wheeler Downtown Airport. The property includes a basement fitness center and dedicated storage units as well as on-street parking and door locks and utilities with smartphone access. With rents between $1,000 to $2,265, each unit includes hardwood flooring, onyx countertops, and washer/dryer.
For Murray, the historic redevelopment was a refreshing departure from his work with Colliers, which involves primarily office, retail and industrial leasing and sales.
“This has been so much fun,” Murray said. “I love downtown and I’m just thrilled with how this turned out. It’s been a labor of love.”
Oggi Modern Furnishings vacated the property in 2007. Tax abatements were approved through Kansas City’s Land Clearance for Redevelopment Authority (LCRA).