Briarcliff Realty Plans 298-Unit Development; Aragon Holdings Expands Portfolio
- Dec 16, 2011
Briarcliff Realty is planning to build an apartment community south of the Tuileries Plaza retail center, the Kansas City Star reports. The 298-unit development, Village at Burlington Creek, was approved by the Kansas City Planning Commission, and upon approval from the Kansas City Council,the construction could begin by March.
The plan calls for seven four-story buildings and a clubhouse, with monthly rents ranging from $800 to $1,500. The 11-acre site is located at the southwest corner of Northwest 63rd Street and North Cosby Ave. Nathaniel Hagedorn, president of Briarcliff Realty, stated that the quality will resemble the 263-unit Briarcliff City Apartments development that was finalized last year.
In other news, Aragon Holdings has completed its first purchase in the Kansas City market. The Beverly Hills, Calif.-based real estate investment company acquired Timber Lakes at Red Bridge, a Class A multifamily property located in the southwestern area of Kansas City.
The 322-unit property has a very low density of just 5.4 units per acre and with features such as four lakes and a nature trail, it has a park-life feel. Other amenities include a swimming pool, fitness center, sports courts, clubhouse and business center. The purchase also included 50 acres of undeveloped land adjacent to the property, zoned for multifamily development.
Timber Lakes is located near the intersections of Interstate 435 and Highway 71, close to major employers such as Sprint Nextel, Bannister Federal Complex and three medical centers. The property is currently 97 percent occupied.
Aragon owns and operates over 2,600 apartment units, all purchased using private equity.