MRE Capital Lands $30M For Kansas Affordable Project
Canyon Creek East is part of a 112-acre mixed-use development.
MRE Capital has secured $29.6 million in federal LIHTC for the development of Canyon Creek East, a 212-unit community in Lenexa, Kan. Walker & Dunlop arranged the financing, marking the sixth collaboration between the two entities. The funds cover approximately 40 percent of the total development costs.
In 2023, the developer also received $3.1 million in Kansas Affordable Housing Tax Credits.
Last September, Lenexa City Council unanimously approved the project, which is MRE Capital’s 35th development. Canyon Creek East will be designated for residents earning between 30 and 80 percent of the area median income.
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Spanning more than 17 acres, the development will include five three- and four-story buildings. Plans call for one- to three-bedroom units totaling 205,000 square feet. Amenities will feature a dog park, exercise area, pavilions, hammocks, a clubhouse, as well as trails or sidewalks.
Walker & Dunlop Senior Managing Director Jennifer Erixon led the team that arranged the LIHTC program financing on behalf of MRE Capital.
A separate project will include the construction of a new public road, slated to debut before Canyon Creek East’s completion. West 100th Street will connect to West 99th Street, with the latter also being subject to an extension. MRE will finance the road’s construction.
Part of a mixed-use development
The project is part of the 112-acre Cedar Canyon West mixed-use development, taking shape at the intersection of Canyon Creek Boulevard and Kansas Route 10, roughly 22 miles southwest of downtown Kansas City, Mo.
Owned by Schlagel Associates and Speedway II LLC, the mixed-use development will comprise a 150,000-square-foot manufacturing facility, two office buildings, six retail properties, nine multifamily buildings, as well as 19 townhomes and 20 duplex structures.
Affordable housing in Kansas City
As of June, metro Kansas City’s supply pipeline included more than 8,300 units under construction, Yardi Matrix data shows. Of these, nearly 500 units were fully affordable, accounting for 5.9 percent of the under-construction pipeline.
As affordability issues continue across the nationwide housing markets, some are faring better than others. Kansas City took the first spot in Multi-Housing News’ Top Affordable Multifamily Metros in the U.S. It also had the lowest average advertised rate in the renter-by-necessity segment.
