PRG Lands Second KC Multifamily Community
- Mar 16, 2017
Kansas City, Mo.—PRG Real Estate recently acquired the Reserve at Barry Apartments, a 690-unit community in Kansas City, Mo. According to Yardi Matrix data, the property last sold in 2013 to Somerset Partners for $49 million.
Located at 8504 North Cosby Ave., the Reserve at Barry Apartments is located in the Northlands area of Kansas City. The community lies between the major thoroughfares of I-29, Missouri 152 and NW Barry Road, providing access to employers such as AMC Entertainment, Sprint and Garmin International. Regional attractions include the Zona Rosa shopping center, Barry Woods Crossing and The Shops at Boardwalk Square.
The property, built in 1986, features 256 one-, 372 two- and 62 three-bedroom units spread across 91 one- and two-story buildings. Floorplans average more than 900 square feet. Community amenities include two clubhouses, a fitness center, two swimming pools, 1400 parking spaces, as well as tennis and volleyball courts.
“We are excited to continue our growth in the booming Kansas City area. Through extensive property renovations and the installation of an experienced management team, our business plan will add significant value to the property thereby greatly enhancing the living experience of our residents and the community as a whole,” said PRG CEO Sam Foster in a prepared statement.
PRG intends to improve common area amenities by remodeling the two clubhouses, expanding the pool deck with added grilling stations, upgrading and tripling the size of the fitness center and installing the largest dog park in Kansas City. The apartment interiors will also be renovated.
Image courtesy of Yardi Matrix