Kansas City Value-Add Play Kicks Off
- Jul 16, 2015
A 372-unit multifamily community recently changed hands in the Roeland park neighborhood of Kansas City, Kan. In a deal arranged by Berkadia, WI Waterstone LLC and Worcester Investments acquired the 46-year-old Waterstone Apartments from California-based VIRTU KC1 Associates. The sale was secured by senior director Phillip Brimble of Berkadia’s Kansas City office. The price tag for the asset remains undisclosed.
“Worcester Investments is an active local investor who we’ve worked with many times in the past,” Brimble said in a statement. “Investors have a huge appetite for value-add assets right now, and Worcester has major unit and amenity upgrades planned for this property.”
Located at 1100-1056 County Line Road in Kansas City, Kan., Waterstone Apartments features one-, two-, and three-bedroom layouts and was 90 percent occupied at the time of sale. The property offers residents two swimming pools, covered parking and a children’s playground, as well as easy access to the popular Country Club Plaza shopping district and the University of Kansas Medical Center. The community is also located near I-35, I-635 and State Routes 69 and 169.
Image courtesy of Waterstone Apartments