Thompson Thrift Starts Work on Kansas City Luxury Community
The firm's $225 million LP is providing equity capital for the project.
Thompson Thrift has broken ground on Canopy Flats, a 303-unit luxury community in Overland Park, Kan., a suburb of Kansas City. The development is slated to open in the second quarter of 2027.
Occupying 13 acres, Canopy Flats will comprise a mix of one-, two- and three-bedroom apartments with an average unit size of 1,085 square feet. Certain units will offer private patios, balconies or yards.
Apartments will include quartz countertops, in-unit laundry, walk-in closets and smart home features. Community-wide, Canopy Flats will also offer a sauna, golf simulator, putting green, pool, outdoor movie wall and pet spa, in addition to billiards, grilling stations and a resident conference center.
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The project is taking shape at the corner of Metcalf Avenue and West 95th Street, within 2 miles of Interstate 435 and some 17 miles southwest of downtown Kansas City. Kansas City International Airport is about 29 miles away.
The Thompson Thrift 2025 Multifamily Development LP is providing equity capital for the project. The firm closed on that limited partnership in March 2025 after raising more than $255 million in total capital commitments.
Strong rent growth in Kansas City
Kansas City rent growth ranked third among Yardi Matrix’s top 30 markets as of June 2025, according to a report from the data provider. Average advertised asking rents were up 3.1 percent year-over-year at the time, far outperforming the national rate of 0.9 percent.
Despite this growth, the metro’s average asking rent sat at $1,335 as of June, lagging the $1,749 national average. At the time, Kansas City had 7,333 units under construction after seeing 861 deliveries through June.
One Kansas City-area project under construction is Harmony at Clear Creek, a 188-unit build-to-rent community from Material Capital Partners. The Shawnee, Kan., development is expected to deliver its first units by October 2026, with a full build-out targeted for February 2028.
