Top 5 Multifamily Developments in Kansas City
Following a sizeable number of completions in the past year, developers are moving forward with a number of projects targeting the metro’s high-growth submarkets.
In the last year, developers added new rental units totaling roughly 3 percent of Kansas City’s multifamily inventory. Both rent growth and occupancy were affected by this unprecedented level of activity, but strong construction activity continues in the market’s urban areas.
While roughly one quarter of the 6,000 units underway are located in downtown Kansas City, several notable suburban areas have significant developments moving forward. With an eye to the vast amount of office space located in or near Overland Park, Kan., multifamily developers targeted the neighboring submarkets with some of the metro’s largest projects.
The table below highlights the top five multifamily developments underway across Kansas City as of June by number of units, based on data provided by Yardi Matrix.
Launch Development broke ground on the 291-unit Promontory in 2015. While some of the community’s units came online late last year, the full property is anticipated to deliver this summer. The developer secured $43.2 million in construction financing from BOK Financial.
The project is located at 8961 Metcalf Ave. in Overland Park, Kan., near a bustling retail district at the intersection with 91st Street. The property’s ground floor contains 65,300 square feet of retail, some of which is already operational. Planned amenities include some 3 acres of gated outdoor space, a yoga studio and a multi-level parking structure.
4. Parkview Townhomes
In 2015, Prieb Property Management began work on a multi-year, 300-unit project known as the Parkview Townhomes in Olathe, Kan. The full development—the only major project underway in the submarket—is slated for delivery by the end of the year.
Located at 22071 W. 124th Terrace, the community is in the southwestern reaches of the wider metro, approximately 22 miles from downtown Kansas City and some 12 miles from Overland Park. The property contains a mix of two- and three-bedroom units with one- or two-car garages underneath.
3. Sonoma Hill
Oddo Development’s 322-unit Sonoma Hill project is set to deliver in the third quarter in Lenexa, Kan. Construction kicked off in 2017, backed by a 23-year, $36.5 million financing package from Northwestern Mutual.
The luxury property’s location at 8875 Maurer Court is set to capitalize on employer growth in the area—Vantage Point Properties’ 315,000-square-foot Reflections at City Center office development is currently in planning stages less than 1 mile southwest of the community. Interstate 435 runs alongside the 28.3-acre project site, and multiple retail assets and hotels are in the immediate area.
A joint venture between Milhaus Development and UC-B Properties began work on the Gallerie, a luxury community, in early 2017. The project is anticipated to deliver before the end of the summer, adding 361 units to downtown Kansas City. BMO Harris Bank provided the developers with a four-year, $44.2 million construction loan.
The development is situated a mile south of the city center and alongside the Crown Center entertainment district, an area which has seen its share of construction in recent years. Plans call for a mix of studio, one-, two- and three-bedroom apartments, and the community’s amenity mix will include 8,000 square feet of retail space, a dog park, a catering kitchen, conference space and valet trash collection.
1. Cyan Southcreek Apartments
The largest multifamily project currently underway in the Kansas City metro is Davis Development’s Cyan Southcreek Apartments in Overland Park, Kan. Construction on the 380-unit community began in late 2018, funded by a $37 million loan from Wells Fargo. Upon completion in early 2020, the property will be the largest delivery in the booming suburb in more than five years.
The 17.7-acre development site for the community’s seven buildings is on the southern end of DDI Commercial’s 17-building Southcreek Office Park, home to employers such as Travelers, United BioSource Corp. and QTS Data Centers.