Timberland Partners Acquires Autumn Park in Overland Park
- Mar 24, 2016
The acquisition was funded from Timberland Partners Investment Fund V, marking the eighth property purchased through Fund V which now holds a total of 1,807 units. Jeff Stingley and Jeff Lamott of CBRE Kansas City represented the seller.
The community is located southeast of Interstate 435 and Antioch Road, in close proximity to Kansas City’s highest concentration of employers and retail amenities, including the Corporate Woods Office Park, College Boulevard office corridor and Town Center Plaza lifestyle retail center. Matt Fransen, vice president of investments at Timberland, stated, “we are thrilled about the opportunity to invest in such a well-located property in the heart of Overland Park. The Kansas City rental market, particularly the Johnson County submarket, continues to benefit from steady rent growth and strong occupancies. This acquisition represents our fourth property in Johnson County, an area we’ve identified as a growth market for our expanding apartment portfolio.”
The 232-unit Autumn Park was built in 1973 and in 2012 received a $2.5 million facelift, including all new siding, new roofs, new entryway doors and windows and updates to all interior building hallways. The new owner plans to rebrand the property as “Arcadia at Overland Park” and to further improve the community with updated kitchen features, renovated clubhouse, new exterior signage and landscaping improvements.
Arcadia at Overland Park is made up of 14 two-story residential buildings located on nearly 18 acres and offers one-, two- and three-bedroom floor plans. Amenities include a resort-style swimming pool; tennis and basketball courts, 24-hour newly upgraded fitness center, grilling stations and green spaces, as well as access to an adjoining park with lakes and jogging/walking trails.
Images courtesy of Autumn Park