JV Buys 624-Unit Asset in Missouri
The new owner intends to spend $13.8 million on renovating the 1997-built community in Kansas City. GoldOller Real Estate Investments sold the property after almost seven years of ownership.
L5 Investments, Odyssey Properties Group and BH Equities have acquired The Crossing at Barry Road Apartments, a 624-unit value-add community in Kansas City, Mo. According to Yardi Matrix data, the joint venture took out a $45.6 million Freddie Mac loan originated by CBRE Capital Markets to finance the acquisition. GoldOller Real Estate Investments is the former owner of the property, having purchased it in 2012 for $55 million.
Located at 7831 N.W. Roanridge Road on approximately 41 acres, The Crossing at Barry Road is directly off Interstate 29, just south of the Barry Road interchange. The asset is 8 miles from Kansas City International Airport, which is undergoing a $1.5 billion expansion. An entertainment venue, multiple restaurants and retail options are also nearby. Built in 1997, the garden-style property consists of 54 three-story buildings with one- and two-bedroom units. Amenities at the 95 percent occupied property include:
- fitness center
- business center
- two swimming pools
- tennis court
- outdoor picnic and grilling areas
- two lakes
The partnership intends to begin a 3-year, $13.8 million renovation program at the community. In addition, the property management arm of BH Equities will embark on a comprehensive plan to improve management and operations. CBRE Executive Vice President Jeff Stingley, Senior Associate Max Helgeson and Associate Michael Spero worked on behalf of the seller in the transaction.