Sherman Residential Picks Up Kansas City Luxury Community
- Feb 17, 2020
Sherman Residential has purchased The Sovereign at Overland Park, a 250-unit luxury community in Overland Park, Kan. According to Yardi Matrix data, the seller is JMV Realty, which had acquired the Class A asset in 2014 for $40.7 million from Equity Resources.
Situated at 13310 Melrose Lane in Johnson County’s Blue Valley School District, The Sovereign consists of 24 two-story buildings spread across 42 acres. The unit mix features one- to three-bedroom apartments averaging 1,131 square feet. Amenities include a fitness center, swimming pool, business center and pet-washing station. Yardi Matrix data shows the 2013-completed property was 94.4 percent occupied as of January.
The Sovereign is some 20 miles southwest of downtown Kansas City, across the road from Blue Valley School District Recreation Complex and just north of Scheels Overland Park Soccer Complex.
Sherman Residential entered the Kansas City market in 2019 with the purchase of Altitude 970, a 291-unit Class A community completed in 2018. The company also recently continued to expand its San Antonio footprint; in December, Sherman closed on a 332-unit luxury asset located 14 miles from the downtown area.