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Recent Acquisition
About
We have recently acquired Holmeswood Apartments, a 166-unit community located in Kansas City, Missouri.
Built in 1970, Holmeswood carries a unique mix of one and two-bedroom floor plans spread moderately throughout nine buildings and complemented by a freestanding clubhouse with pool and separate maintenance shop.
Location
Holmeswood's location supports the value-add story via its proximity to Interstate 435, the engineering headquarters of Burns & McDonnell, St. Joseph Medical Center, and the Blue River Commerce Center; all accessible within a four-minute drive. Representing the most significant industrial development in South Kansas City, Blue River is expected to support 1,500 new jobs upon full build-out and is one of the several economic drivers within the submarket.
Investment Strategy
Business plan is to improve 110 of the units to market rent and then burn off loss-to-lease. This apartment complex will go through a total rebranding, interior and exterior upgrades and operational improvements.
Exit strategy: Projected five-year holding period depending on market conditions.
