JVM Realty Corp. has acquired The Landing at Briarcliff, a 340-unit luxury community in Kansas City. The property, previously owned by Briarcliff Development, represents JVM’s ninth high-end asset in the city.
“This luxury community, which features all of the amenities demanded by today’s high-end renters, is located in a thriving submarket, and the area demographics show there is a significant opportunity for future rent growth. Our industry-leading marketing and cutting-edge revenue management platforms will optimize performance and revenue at The Landing,” said Jay Madary, president & CEO of JVM, in prepared remarks.
A variety of amenities
The Landing is located at 1601 N.W. 38th St., near the Power & Light District and the CBD, not far from Apex on Quality Hill, another luxury community that JVM bought in February . It provides residents access to several retail centers, healthcare providers and the Kansas City International Airport, which is at a 15-minute driving distance.
The asset consists of a mix of one- and two-bedroom units featuring open-concept gourmet kitchens, granite countertops, stainless steel appliances, wood-look plank floors and in-unit full-sized washers and dryers.
Community amenities include:
- a resort-style saltwater pool with entertainment deck
- a 3,500-square-foot, 24-hour fitness center
- an onsite massage therapy service
- a clubroom for resident events
- a poolside grilling and dining area
- a media room
The property was completed in 2015 and uses solar panels to power the common areas. According to Yardi Matrix, it features a construction loan with U.S. Bank in the amount of $29.7 million. The Landing was 95 percent occupied as of April.
Image courtesy of Yardi Matrix