Real estate investment firm Hamilton Zanze (HZ) has purchased Cornerstone Apartments, a 420-unit rental community in the Kansas City, Mo. suburb of Independence, Mo. Property management responsibilities will be transferred to Mission Rock Residential, an affiliate company of HZ.
The 15-year-old community comprises 14 buildings and a mix of one- and two-bedroom units. It is situated near I-70 and Independence Center Mall, giving residents access to restaurants, retailers, nightlife and five local institutions of higher learning.
Since 2000, more than $6 billion of public and private projects have been completed in metro Kansas City. Population surged by approximately 120,000 from 2010 to 2016.
In target market
“Cornerstone Apartments represented an opportunity to acquire a well-located asset at an attractive discount to its replacement cost,” said David Nelson, HZ managing director of acquisitions, in a prepared statement. “Kansas City has been a target market for Hamilton Zanze in the past two years, and we will continue to look for further opportunities throughout the Kansas City metro in the months to come.”
Cornerstone Apartments features a large whirlpool spa and year-round outdoor pool, as well as a heated indoor pool. Improvements planned by HZ include an enhanced business center and clubhouse, as well as the addition of a package storage system and dog park.
Apartments feature cherry cabinetry, separate showers and bathtubs in master baths and private patio areas or balconies. HZ plans to add new lighting fixtures and stainless steel or black appliances, as well as faux-wood flooring in living spaces.
Earlier this month, Hamilton Zanze purchased Post Ridge Apartments in Nashville for $23.5 million, a 150-unit Class B community, from Aimco.