Hamilton Zanze Buys Suburban Kansas City Community
- Mar 08, 2019
Hamilton Zanze has acquired Metcalf Village Apartments the Kansas City suburb of Overland Park, Kan., from a private owner. The 272-unit apartment community, which will be rebranded The Boulders at Overland Park Apartments, changed ownership for $40.4 million, according to data provided by Yardi Matrix.
Property management responsibilities will be assumed by Mission Rock Residential, a Hamilton Zanze affiliate company expanding on its Midwestern presence.
Built in 2017 and opened last year, The Boulders at Overland Park Apartments features a blend of one-, two- and three-bedroom units appropriate for both single and family occupancies. Individual residences feature state-of-the-art appliances, granite countertops, wood vinyl floors and large, efficient dual-pane windows.
New stabilized product
Located at 16201 Travis St., the property is situated close to Highway 69 and within the Blue Valley School District, one of the best-performing school districts in the nation.
“This community represented a great opportunity to buy new, stabilized product below replacement cost thanks to robust local market momentum,” said David Nelson, Hamilton Zanze managing director of acquisitions, in prepared remarks. “Overland Park has been a target market for our acquisitions team, and we are excited to have found a perfect acquisition to fit our criteria.”
The 261,862-square-foot community features a 24-hour fitness center, large outdoor salt water pool, clubhouse and barbecue area. Having been recently constructed, the community requires only minor improvements, Hamilton Zanze reports. Planned upgrades include landscape improvements and enhanced outdoor lighting for wayfinding and ambiance.
The Boulders at Overland Park is situated 30 minutes south of downtown Kansas City. The metro’s transportation system, solid economic fundamentals and solid population increases have all helped make Kansas City attractive for multifamily and business investments.
In December of last year, Hamilton Zanze sold Ventana Canyon, a 264-unit Class B community in Albuquerque, N.M., to Thayer Manca Residential.
Image courtesy of Hamilton Zanze