JVM Realty Snags Suburban KC Asset
Acquired from The Milestone Group, the community is located 20 minutes from downtown Kansas City in Lee's Summit, Mo. Renovations are planned for the property, JVM's 10th in the metro.
Summit Ridge Apartments, Lee’s Summit, Mo.
JVM Realty Corp. has acquired Summit Ridge Apartments, a multifamily community in Lee’s Summit, Mo., from The Milestone Group. Management services will be provided by JVM Management.
“Summit Ridge represents an outstanding opportunity for us. Lee’s Summit is a thriving submarket that offers easy access to downtown Kansas City,” Jay Madary, president & CEO of JVM Realty Corp., told Multi-Housing News.
Located at 701 NE Tudor Road, the community comprises 432 units. Apartments are offered in one-, two- and three-bedroom floorplans ranging from 695 to 1,410 square feet across 21 buildings. According to Yardi Matrix, the property was at a 95.1 percent occupancy as of July 2018. Interior features include ceiling fans, washer/dryers, 2-inch plantation blinds, fireplaces, kitchen backsplashes, 9-foot ceilings with crown molding, hardwood-style flooring, brushed nickel fixtures and hardware and private balcony/patios. Residents have access to amenities including:
- 24-hour fitness center
- business center and conference room
- clubhouse
- resident lounge with coffee bar
- volleyball and basketball court
- resort-style swimming pool
- sundeck and heated spa
- dog park and pet washing station
- laundry facilities
- outside storage
- 800 parking spaces
Value-add opportunity
The firm will be implementing a renovation plan onto the property, which will include repurposing underutilized amenities in order to add a package delivery facility, expanding the fitness center and improving the communal gathering space.
“Furthermore, we believe the community improvements we’ll be implementing and our experience in metro Kansas City will enable us to optimize the performance of the community, benefiting both our investors and our residents,” added Madary. “Because JVM owns nine other apartment communities in the Kansas City area, we have achieved real economies of scale in our property management in this market.”
Summit Ridge offers convenient access to interstates 470 and 70, as well as U.S. 50 and 71. The property is situated 20 minutes from downtown Kansas City and popular areas such as SummitWoods, downtown Lee’s Summit and Summit Fair.
Image courtesy of JVM Realty Corp.
