by Laura Calugar
Lenexa, Kan.—A partnership between L5 Real Estate Investments and BH Equities recently purchased Lenexa Pointe Apartments for $17 million. BH Equities will manage the property through BH Management Services, its property management division. Dustin Dulin of JLL arranged the debt on behalf of the partnership and CBRE‘s Brandon Grisham brokered the deal with both the buyer and the seller, a private investor.
Situated on more than 20 acres, Lenexa Pointe Apartments is located at 12000 W. 77th Terrace in Lenexa, approximately 12 miles south of Kansas City. The community sits just 1 mile from Nieman Business Park and provides easy access to interstates 35 and 435. Built in 1972 and renovated in 1992, the garden-style property encompasses 145 one-bedroom and 144 two-bedroom units. On-site amenities include a fitness center, a swimming pool, a clubhouse and picnic areas. The property has 17 buildings with 465 parking spaces, according to Yardi Matrix data.
The 289-unit community in Lenexa will undergo a $6 million renovation process. The facelift will include construction of a new leasing center, business and fitness center, landscaping enhancements, new lighting and exterior signage. Improvements such as installation of new flooring, cabinets, counters, fixtures, appliances and washers and dryers, will also be made to the majority of unit interiors.
“L5 continues to be bullish on seeking apartment assets in strategic locations that offer a favorable upside. We are pleased to partner on another multifamily acquisition with BH Equities and believe our very comprehensive property renovation plans for Lenexa Pointe will provide residents with a quality, amenity-rich, and well-managed community,” said Michael Flaherty, founder & managing partner of L5 Investments, in prepared remarks.
“This is BH’s second venture with L5 in the greater Kansas City metro and part of an overall relationship that spans from Texas to the East Coast,” said Kelly Weber, director of marketing for BH Management Services.
The City of Lenexa has 50,000 residents and benefits from top schools and a favorable commuting environment. The job market throughout the greater region continues to grow as major companies such as Google Fiber, Federal Express, Wausau Supply, Procter & Gamble and H&R Block recently announced their intention to relocate operations or expand their presence in the area.
Images courtesy of Yardi Matrix