PeakMade, Blue Vista Break Ground on Kansas City-Area BTR
The community will have a mix of townhomes and cottages.
PeakMade Real Estate and Blue Vista Capital Management are continuing their relationship with the groundbreaking of Olathe Commons, a 204-unit build-to-rent community located in Olathe, Kan. Upon completion, the property will have 60 single-family cottages and 154 townhome units.
The longtime partners have started the project at 14550 W. 120th St. in Olathe and expect to start leasing in August 2026 prior to the first deliveries. Final completion is slated for September 2027.
Old National Bank is providing construction financing for the project. Open House Group, a Tokyo-based developer, is the joint venture limited partner for the project. Further details about the loan were not disclosed.
KC’s strongest submarket
Homes at Olathe Commons will feature two- to four-bedroom layouts with select floorplans offering primary bedrooms on the main level. Most units will have attached garages, in addition to modern finishes and private yards. The project will have a robust amenity program including a clubhouse, fitness center, resort-style pool, dog park and green space.
Olathe Point is located in Kansas City’s strongest rental submarket. The project is adjacent to Olathe Point, a robust retail center with top retail anchors including Whole Foods Market and Starbucks.
From student housing to BTR
Blue Vista Managing Principal Jason Schwartz said in prepared comments that the development represents a continuation of Blue Vista’s residential development and investment strategy with PeakMade. He said the BTR project also aligns with the Chicago-based investment management firm’s focus on delivering modern rental communities that combine the living experience of a single-family home with the amenities of a traditional multifamily community.
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While the two companies have teamed up most frequently on student housing projects, each firm has invested in BTR properties in recent years. In late 2022, Blue Vista and partner Family Development secured $30 million in construction financing for Villas Litchfield Park, a 153-unit BTR project in Phoenix. Old National Bank also provided the funding for that community.
In June 2023, Blue Vista acquired the Keys at Wildwood, a 190-unit BTR community developed in Oxford, Fla. At that time, Blue Vista stated the community was the sixth BTR property it had acquired or developed as part of its middle market real estate strategy. Since its inception in 2002, the firm has invested more than $14.5 billion in total capitalization across various real estate equity and credit strategies in the U.S. and Canada.
PeakMade, an Atlanta-based real estate services company that offers property management, development and consulting services, has been in the BTR since 2022.
