Cohen-Esrey Acquires 352-Unit KC Community
The previous owner of the 1986-built property invested close to $2.5 million in renovations and upgrades during the last five years.
Cohen-Esrey has purchased Jefferson on the Lake, a 352-unit community in Olathe, Kan., roughly 20 miles from Kansas City. According to Yardi Matrix data, Spyglass Capital Partners sold the asset for $29.8 million. The previous owner acquired the community in 2013 and invested nearly $2.5 million in fix-ups and new amenities, including a gym, clubhouse and in-unit washer-dryers.
Located at 12251 S. Strang Line Road, Jefferson on the Lake is adjacent to Interstate 35, which provides easy access to downtown Kansas City. Several shopping, retail and entertainment venues, including a Target, are within walking distance of the asset.
Built in 1986, the 208 one-bedroom and 144 two-bedroom units average 663 square feet across 16 buildings. Common-area amenities include a fitness center, clubhouse, volleyball court, playground, swimming pool, spa, 16 laundry facilities and 800 parking spaces. The property was 94.9 percent occupied at the time of the transaction.
Recently, another Kansas City-area community changed hands: JVM Realty Corp. acquired Summit Ridge Apartments in Lee’s Summit, Mo., from The Milestone Group.
Image courtesy of Yardi Matrix