JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced that renovations are underway at three of its apartment communities in metro Kansas City, Mo.
The improvements, which include significant upgrades to both common areas and apartment homes, are taking place at the 240-unit Eastland Trails (Independence, Mo.), the 288-unit Clear Creek (Overland Park, Kan.), and the 206-unit New Longview (Lee's Summit, Mo.).
JVM is implementing the renovations in light of the abundant new multifamily development taking place in greater Kansas City. Approximately 2,900 apartment homes came online last year, and another 4,900 are slated for completion in 2017, according to the commercial real estate brokerage firm Marcus & Millichap.
"We are immensely proud of the quality of our Kansas City portfolio, and excited to add more value for the residents of our apartment communities, the surrounding neighborhoods and our portfolio through this strategic renovation," said Jay Madary, president and CEO of JVM. "With this carefully developed renovation strategy, the communities will have the look and feel of new construction, better positioning us to optimize return for our investors.
Revamped clubhouses and many common-area improvements were completed at Eastland Trails and Clear Creek in March and April, respectively, and are slated to be finished at New Longview in May. Improvements to the apartment homes will be phased in over the next couple of years at each community.
Eastland Trails now features a redesigned business center with a package locker system offering 24/7 access, a remodeled clubhouse kitchen, an epoxy stone pool deck, a repainted fitness center and all-new pool furniture. Upgrades to the apartment homes will include vinyl plank flooring, refinished cabinet fronts and drawers, brushed nickel lighting packages and brushed nickel ceiling fans.
At Clear Creek, JVM installed a new social area with large-screen TVs, bar-top tables, shuffleboard and other activities. Improvements to the apartment homes will include new stainless steel kitchen appliances, tile backsplashes, bathroom hardware, modern lighting packages and vinyl plank flooring.
New Longview will soon feature a new bar area for residents, a revamped business center with a 24-hour electronic package locker system and an expanded fitness center with new equipment. Quartz countertops, stainless steel appliances and new carpet will be among the in-home upgrades.
"The greater Kansas City area has long been one of JVM's core markets," Madary said. "We are bullish about the health of its multifamily market, both now and over the long-term. New development has increased, job growth remains healthy, and we expect operating fundamentals to remain strong.”
