Kansas City, Mo.—JVM Realty, a multifamily real estate investment and property management firm, recently announced the acquisition of The Residences at New Longview, a newly constructed 309-unit luxury apartment community in Lee’s Summit, a submarket of suburban Kansas City. According to Yardi Matrix data, NorthPoint Development is the former owner and manager of the property. The price of the transaction was not disclosed.
Greater Kansas City has a strong multifamily market. According to Colliers International’s latest report on the market, metro apartment occupancy remained at 95.4 percent in 3Q 2016, for the second quarter in a row, its highest reading in the past 10 years. As both demand and job growth fuel new apartment product, demand continues to keep pace with supply that has recently been completed.
Located at 3301 SW Kessler Drive, The Residences at New Longview is situated about 20 minutes from downtown Kansas City. Lee’s Summit was ranked 43rd on Money’s 2016 “Best places to live” list. Completed in 2016, The Residences at New Longview is conveniently located near interstates 470 and 435, as well as U.S. 50, which enables residents to easily move about the Kansas City metro area. The community is just a short drive from the Summit Technology Campus, home to Cerner, a health information technology provider and a major employer in the area.
The 15-acre Residences at New Longview offers one-, two- and three-bedroom homes. The apartments feature gourmet kitchens, granite countertops, stainless steel appliances, nine- to 12-foot ceilings and full-sized washers and dryers. Residents benefit from amenities such as a saltwater pool, a clubhouse with business center, theater, pub, Google Fiber TV and 519 parking spaces. The seven-building property is near Longview Lake Park, which includes a 930-acre lake, public golf course, beach facilities, boat ramps, hiking and biking trails, camping sites and horse park.
“There could not be a more perfect fit for JVM than The Residences at New Longview. Lee’s Summit is a truly dynamic city, one that offers high-paying jobs and plenty of opportunities for recreation and entertainment. With the favorable demographics in the area and the implementation of our top-notch marketing and revenue-management platforms, we see plenty of opportunity for demand and revenue growth at this community. Plus, with these adjacent properties, we will be able to offer prospects multiple options at different price points,” said Jay Madary, president and CEO of JVM, in prepared remarks.
Recently, JVM Realty also acquired The Aventine at Oakhurst North, a 464-unit luxury apartment community in suburban Chicago.
Images courtesy of Yardi Matrix