29SC Acquires 228-Unit Johnson County Property in 3rd Kansas City Metro Acquisition
The community offers luxury finishes which include a resort-style, saltwater pool, outdoor grill and firepit area, state-of-the-art fitness center and yoga studio, cybercafe and business center, clubroom, walking trail, attached garages with breezeway access, and a spacious dog park. 29SC plans to make unit interior renovations which will include smart home upgrades with smart thermostats, smart locks, and USB plugs. These upgrades along with modern backsplashes, lighting and fixture replacements, pool and grill area upgrades, and dog park enhancements will provide a living standard unique to 29SC properties.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.“The location of Greenwood Reserve is ideal for access to major employment opportunities, top-rated schools, and endless retailers,” said Josh Lindley, Vice President of Acquisitions of the Midwest Region for 29SC. “Its location couldn’t be more suited for those who want a comfortable and exciting area. We’re thrilled to combine this prime location with 29SC’s luxury living standard. Greenwood Reserve will truly be a property unique to 29SC.”
The property is in the Johnson County Submarket, a community in the Kansas City Metro Area. Its vibrant population reflects a high quality of life with convenient access to areas such as Renner Boulevard, an emerging economic center that is home to several of the area’s largest employers. It features a heavy concentration of high-paying jobs in the biosciences and engineering sectors, including Quest Diagnostics, PRA Health Sciences, and Kiewit Power Engineers. There are several large office parks along or near Renner Boulevard, including Lenexa Logistics Centre, Renner Ridge Corporate Center, and Renner Commerce Center The transaction closed on May 2nd, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 29 multifamily assets across the United States that contain over 7,200 units. The firm continues to actively pursue new opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 16,000 existing units and a development pipeline of over 3,800 units.
