JV Procures KS Luxury Community
- Mar 16, 2017
Overland Park, Kan.—Fogelman Properties, in a joint venture with DRA Advisors, acquired Sandstone Creek Apartments in Overland Park, Kan., for $48.1 million.
The 368-unit luxury community offers one-, two- and three-bedroom floor plans ranging from 774 to 1,415 square feet. Originally built in 2ooo, Sandstone Creek is 93 percent occupied with rents ranging from $854 to $1,477 monthly. Interior features include nine-foot ceilings, renovated kitchens, washer/dryers, ceiling fans, fireplaces and balcony/patios. Residents have access to amenities such as a clubhouse, business center, fitness center, on-site car care center, two swimming pools, tennis and volleyball court, a spa, a putting green, outdoor kitchen with grill, fireplace lounge, media room, game center, cafe and coffee bar, 716 parking spaces and outdoor storage.
This transaction marks the 24th acquisition for Fogelman/DRA since 2003, totaling $600 million. The partners plan to make enhancement on the community’s common area amenities as well as interior upgrades.
“We are excited to add this high quality asset to our local Kansas City portfolio, which now totals more than 2,600 apartment homes,” said Rick Fogelman, CEO of Fogelman Management Group. “We have been an active investor and property manager in Kansas City for the past 30 years and we are very bullish on the overall area, particularly the Overland Park submarket. With the expanding local employment base and the planned property enhancements, we feel Sandstone is well positioned for the future.”
Image courtesy of Yardi Matrix