Stoneweg US has picked up Wild Oak Apartments, a 348-unit community in Kansas City, Mo., and placed it under the management of Greystar. According to Yardi Matrix, the asset previously traded in 2011, when Maxus Realty Trust acquired it for $22 million. The same source shows the property is subject to a $34.6 million CMBS loan from 2020, provided by Citibank. NorthMarq Capital secured the note that holds a 2030 maturity date.
Located at 7987 NE Flintlock Road within the Northland submarket, Wild Oak is in proximity of several retail centers, dining options and entertainment venues. The three-story, 15-building community dates back to 2000 and features one-, two- and three-bedroom floorplans. A fitness center, a clubhouse, a spa, as well as volleyball and basketball courts are among the property’s common-area amenities.
Due to Kansas City’s continued demographic expansion and more affordable living costs relative to other Midwestern metros, the area’s multifamily market has kept its allure as an investment magnet. In the first half of the year, rent growth continued its upward trajectory, while transaction activity intensified, with more than $753 million in multifamily assets changing hands in the metro.
A sustainable capital improvement plan
The current owner will implement a capital improvement plan at Wild Oak, comprising in-unit and common-area upgrades, as well as energy-efficient measures. Besides adding a community recycling program, Stoneweg will begin benchmarking energy, water and waste consumption. Furthermore, the company intends to inspect the existing solar installation and optimize its energy production.
New granite countertops, subway tile backsplashes, cabinet refinishes, stainless-steel Energy Star appliances, as well as washers and dryers in all units will be also part of the company’s capital improvement plan. Exterior enhancements will encompass the additions of grilling stations, pool furniture and fitness center equipment.
Stoneweg’s portfolio is valued at roughly $2 billion, comprising more than 15,000 units. This summer, the company entered the Houston market with the acquisition of Ashford Apartments, a LEED-certified property.