JV Buys 624-Unit Asset in Missouri
- Jun 14, 2019
L5 Investments, Odyssey Properties Group and BH Equities have acquired The Crossing at Barry Road Apartments, a 624-unit value-add community in Kansas City, Mo. According to Yardi Matrix data, the joint venture took out a $45.6 million Freddie Mac loan originated by CBRE Capital Markets to finance the acquisition. GoldOller Real Estate Investments is the former owner of the property, having purchased it in 2012 for $55 million.
Located at 7831 N.W. Roanridge Road on approximately 41 acres, The Crossing at Barry Road is directly off Interstate 29, just south of the Barry Road interchange. The asset is 8 miles from Kansas City International Airport, which is undergoing a $1.5 billion expansion. An entertainment venue, multiple restaurants and retail options are also nearby. Built in 1997, the garden-style property consists of 54 three-story buildings with one- and two-bedroom units. Amenities at the 95 percent occupied property include:
- fitness center
- business center
- two swimming pools
- tennis court
- outdoor picnic and grilling areas
- two lakes
The partnership intends to begin a 3-year, $13.8 million renovation program at the community. In addition, the property management arm of BH Equities will embark on a comprehensive plan to improve management and operations. CBRE Executive Vice President Jeff Stingley, Senior Associate Max Helgeson and Associate Michael Spero worked on behalf of the seller in the transaction.