Vazza Real Estate Buys Kansas City-Area Affordable Asset

Chestnut Heights Townhomes

Vazza Real Estate Group has purchased Chestnut Heights Townhomes, a 161-unit partially affordable community in Olathe, Kan., for $17.7 million. Walker & Dunlop provided the buyer with $14.1 million in Fannie Mae Green Rewards financing for the acquisition of the asset formerly known as Blackbob Court Townhomes. The 12-year, fixed-rate loan has a four-year interest-only period, according to Walker & Dunlop Managing Director Dustin Swartz.

Situated on 16 acres at 12500 S. Constance St., the community consists of 41 townhome-style buildings developed in three phases between 1994 and 1998 with low-income housing tax credit equity. The unit mix features two- and three-bedroom floorplans averaging 1,300 square feet. Of the total, 130 apartments are restricted to households earning at or below 60 percent of the area’s median income.

The property is 19 miles southwest of downtown Kansas City, just east of Interstate 35. The community is 1 mile south of a dense retail area which includes Olathe Pointe and Northridge Plaza.

A Walker & Dunlop team led by Swartz and Senior Analyst Karl Rincavage arranged the loan on behalf of the borrower.