By Gabriel Circiog, Associate Editor
Kansas City Life Insurance Company has announced the sale of its 50 percent interests in a joint venture entity, the Briarcliff City Apartments in Kansas City, Missouri. Located at 3880 N. Mulberry Drive, in the Briarcliff master planned community, just five minutes from downtown, the 263-unit multifamily development was a joint venture with Briarcliff Development Company and both parties sold their interests to CH Realty V/Briarcliff LLC.
Kansas City Life decided to invest in the joint venture to develop the class-A apartment community in December 2009 and the sale, which was completed on February 8, resulted in a pre-tax realized investment gain of around $9.1 million.
Briarcliff is a 600+ acre master planned community and besides luxury apartment units it also features class A office buildings, restaurant, retail and hotel services.
In other news Missouri and Kansas for the moment have put the border war on hold. Both governors and the congressional delegations in both states have shown their support to Mayor Sly James as he tries to stop New Orleans from poaching the Marine data center, The Kansas City Star reports.
The data center has been in Kansas City since 1967 and currently has 400 high-paying high-tech jobs in South Kansas City.
Located at the former IRS service center at 2306 East Bannister Road, the center offers an average salary of over $90,000 to the 400 federal contract workers, according to Site Director Floyd Means.
With 300 living in Missouri and 100 in Kansas, both sides of the border are eager to retain the high-skill workers.
Although New Orleans already has a large Marine reserve presence, Mayor Sly James hopes to tempt the Marines to snub the offer. A final decision is expected in the summer.
Photo Courtesy of: www.thebriarcliffapartments.com