New Owner, New Name for Kansas City Property
- Jul 21, 2016
Kansas City, Kan.—Carroll Organization has acquired The Avenues at Overland Park as part of its newest investment vehicle, Carrol Multifamily Real Estate Fund IV LP. Additional details about the transaction were not disclosed.
“The Avenues at Overland Park presented an off-market opportunity to enter the Kansas City market through the acquisition of a newly-constructed, Class A asset within the premier community of Overland Park,” Patrick Carroll, founder & CEO of Carroll Organization, said in prepared remarks. “With its superior amenity package, luxury interior finishes, and desirable floor plans with 100 percent attached garages, we are confident in our ability to cater to the exceptional demographics in the area with a best-in-class rental product.”
The new owner intends to rebrand the community as Arium Overland Park; Carroll Management Group will take on the property management responsibilities. The property, located within Olathe School District at 12800 West 134 St., was completed in 2015. The area offers close proximity to I-35, 435 and 635, providing residents with easy access to Downtown Kansas City, Country Club Plaza and the KCI Airport.
Residents can choose from 402 apartment units with studios and one- to three-bedroom floor plans. Amenities include a billiards room, business center, clubhouse, fitness center, garage, patio/balconies, playground, swimming pool and storage. Exterior features include high speed internet access, washer/dryer, ceiling fans, heating and air conditioning.
Image courtesy of Arium Overland Park