Trending Multifamily News
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it has acquired Summit Ridge Apartments (Summit Ridge) in Lee's Summit, Mo. JVM Management will manage the property.
The community, which features 432 apartment homes, is located just 20 minutes from downtown Kansas City and its array of employers, attractions and cultural venues. The property's close proximity to two interstates (I-470 and I-70) and two federal highways (U.S. 50 and U.S. 71) gives residents easy access to the entire metro area. Summit Ridge also is just more than a mile away from St. Luke's East Hospital, the largest private employer in Lee's Summit, and is near several popular retail centers, including SummitWoods, Summit Fair and downtown Lee's Summit.
JVM plans to add value to the community by undertaking renovations such as full unit upgrades and by repurposing underutilized amenities in order to add a package delivery facility with 24/7 access to residents, expand the fitness center and improve resident gathering spaces.
"We are extremely enthusiastic about the addition of Summit Ridge Apartments to our portfolio," said Jay Madary, president and CEO of JVM. "This property is truly a perfect fit for us. It has the kinds of units and amenities that will appeal to today's Class A renter in metro Kansas City, and it's located in a thriving submarket. On top of that, we believe we'll drive significant revenue growth through the upcoming renovations as well as our experience in the area and the implementation of our marketing, revenue management and construction expertise."
Community amenities at Summit Ridge Apartments include a resort-style pool with sundeck and heated spa; a 24-hour fitness center with cardio and strength-training equipment; a resident lounge with a coffee bar, business center and conference room; and a dog park and separate pet washing station.
Summit Ridge Apartments offers one-, two- and three-bedroom apartment homes. The units feature 9-foot ceilings with crown molding, 2-inch plantation blinds, hardwood-style flooring, brushed nickel fixtures and hardware, ceiling fans and kitchen backsplashes. Select homes have fireplaces, and private balconies and patios.
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it will host seven blood drives for the American Red Cross at its apartment communities in the Kansas City area in response to the Red Cross recently declaring it is facing a critical blood shortage. The blood drives will take place in late July and throughout August.
"One of the bedrock fundamentals of our culture is contributing to the community, and these blood drives represent a powerful way of doing that," said Jay Madary, president and CEO of JVM. "We are encouraging both our residents and our management personnel – as well as anyone else who would like to donate – to participate and give back to the Kansas City community. At JVM, we believe that each of us has a responsibility to help those in need. We will always strive to be one of the best places to work, live and invest while making a meaningful difference in the lives of those around us."
The impact these blood drives could have is clear. Consider that every two seconds, someone in the United States needs a blood transfusion, from accident and burn victims to heart surgery, organ transplant and cancer patients. One blood donation, a voluntary act that takes about 30 minutes from start to finish, may help save up to three lives. With more than 21 million blood transfusions performed every year in the U.S. alone, the need for blood donors is always high, but it is especially high during the summer months, when donations historically decline.
The dates and locations of the blood drives are below; each drive will be from 2 p.m. to 6 p.m. Those interested in donating should go to redcrossblood.org to sign up for one of the following events.
Tuesday, July 31
The Sovereign at Overland Park
13310 Melrose Ln
Overland Park, KS 66213
13590 Earnshaw St.
Overland Park, KS 66221
Wednesday, Aug. 1
Summit on Quality Hill (in partnership with Apex on Quality Hill)
1200 Washington St.
Kansas City, MO 64105
The Landing at Briarcliff
601 NW 38th St.
Kansas City, MO 64116
11024 Delaware Pkwy
Kansas City, KS 66109
Tuesday, Aug. 21
New Longview (in partnership with The Residences of Longview)
460 SW Longview Blvd.
Lee's Summit, MO 64081
Wednesday, August 22
4631 S Eastland Center Dr.
Independence, MO 64055
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it has acquired The Landing at Briarcliff (The Landing), a 340-unit luxury apartment community in the prestigious Briarcliff master-planned development in Kansas City, Mo. JVM Management will manage the community.
Built in 2015, The Landing is near numerous retail centers as well as Kansas City's popular Power & Light District – which includes The Sprint Center, the Kansas City Convention Center, and an array of dining and entertainment establishments – and the city's CBD district. The community also offers proximity to some of Kansas City's largest healthcare providers – including St. Luke’s Hospital, North Kansas City Hospital, KU Medical Center and Children’s Mercy Hospital – and is only a 15-minute drive from Kansas City International Airport.
"We are extremely excited about bringing The Landing into our portfolio," said Jay Madary, president and CEO of JVM. "This luxury community, which features all of the amenities demanded by today's high-end renters, is located in a thriving submarket, and the area demographics show there is a significant opportunity for future rent growth. Our industry-leading marketing and cutting-edge revenue management platforms will optimize performance and revenue at The Landing. Furthermore, because JVM owns eight other luxury apartment communities in the Kansas City area, we have achieved real economies of scale in our property management in this market."
Community amenities at The Landing include a resort-style saltwater pool with entertainment deck; a 3,500-square-foot, 24-hour fitness center featuring fitness classes, personal trainer services, yoga studio, Crossfit room, sauna and locker rooms; and an onsite massage therapy service. The pet-friendly community is surrounded by a nature preserve and also features a clubroom for resident events with catering kitchen and coffee and tea bar, a poolside grilling and dining area, a media room and a game room. Multiple solar panels are used to power the common areas.
The Landing offers one- and two-bedroom apartment homes. The units feature open-concept gourmet kitchens, granite countertops with undermount sinks and designer tile backsplash, stainless steel appliances, wood-look plank floors, and in-unit full-sized washers and dryers. Select homes have spacious private patios and decks.
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced the promotions of company veterans Steve Meyer to chief investment officer and Jason Kovich to chief financial officer.
"The promotions of Steve and Jason are great news for JVM and our investors," said Jay Madary, president and CEO of JVM. "They will both bring tremendous intelligence, strategic vision and experience to their new positions. They have both made significant contributions to JVM's success over the past 13 years. We have seen tremendous growth under their leadership, and we will continue along this aggressive growth trajectory with Steve and Jason in their new roles."
Meyer joined JVM in 2005 and served as the company's CFO for 13 years, playing a vital role in the growth of the company's portfolio from a size of $200 million to $800 million. In his new title, Meyer will oversee JVM’s expanding Investor Relations Department as well as its newly licensed broker-dealer entity, JVM Securities LLC. He will have responsibility for securing the financing and equity requirements necessary to meet JVM’s aggressive long-term portfolio growth goals, and he will play a strategic role in structuring and managing JVM investments.
As CFO, Kovich will oversee the financial management, tracking and reporting for all JVM properties and entities. He joined the company in 2005 as a financial analyst and director of property management software. He subsequently served as an asset manager and controller before being promoted to vice president of finance in 2017. He developed JVM's robust and sophisticated budgeting process as well as the company's monthly and quarterly financial reporting packages.
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it has acquired Apex on Quality Hill, a 138-unit luxury apartment community in downtown Kansas City, Mo. JVM Management will manage the community.
Constructed last year, the amenity-rich community is located in Quality Hill, a revitalized historic neighborhood just west of Kansas City's central business and financial district; the neighborhood sits on a 200-foot-high bluff overlooking the West Bottoms area. The neighborhood also is near both the popular Power & Light District - which includes The Sprint Center, the Kansas City Convention Center, and an array of dining and entertainment establishments - and the Crossroads Art District, which features a charming, funky mixture of boutique shops, restaurants and art galleries. Furthermore, KC Streetcar, a popular free-to-ride streetcar system, is just a few blocks away from the apartment community.
JVM also owns and manages Apex's sister property, the 252-unit Summit on Quality Hill, which is located a block away.
"We could not be more excited about the addition of Apex on Quality Hill to our portfolio," said Jay Madary, president and CEO of JVM. It's a great combination: a best-in-class property in a thriving submarket. "The future of this community is exceedingly bright, as it's perfectly positioned to deliver the highly amenitized, walkable, intown living experience so highly sought by much of today's renters. Combine these factors with our management expertise, and we are confident this community will deliver optimized property performance and value to our investors and residents."
Two of JVM's equity funds - Fund 6 and Premier Fund II - are invested in Apex on Summit Hill and its sister community. The funds, whose investors include high net worth individuals, trusts and insurance companies, closed late last year. Combined, the funds raised $109 million and are co-invested in a total of five communities in Indianapolis, Kansas City and suburban Chicago. Premier Fund II also is invested in an additional community in Aurora, Ill.
The pet-friendly Apex on Quality Hill has all of the amenities an urban professional would want, including a resort-style pool; state-of-the-art fitness center; AT&T, Google and Spectrum internet connections; heated garage parking; electric car charging stations; 24-hour electronic package delivery system; and dry cleaning pick-up/drop-off service.
The community offers one- and two-bedroom apartment homes. The units feature granite countertops in bathrooms and kitchens, sophisticated faux wood floors in all living areas, front-load washers and dryers, large private patios and balconies, designer tile backsplashes, dishwashers and stainless steel appliances.
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced the closing of its Fund 6 and Premier Fund II equity funds. Combined, the funds raised $109 million.
The two funds are currently co-invested in four apartment communities in Indianapolis, Kansas City and suburban Chicago, and are set to co-invest in a fifth community later this month. Premier Fund II has invested in an additional community in Aurora, Ill. In the end, the total acquisition cost of the six communities will be $332.4 million. Investors in the two funds include hundreds of high net worth individuals, trusts and insurance companies.
"The closing of Fund 6 and Premier Fund II marks another great milestone in the history of our growing company," said Jay Madary, president and CEO of JVM. "We're honored that these investors have placed their trust in us and in our strategy of acquiring and operating apartment communities in Midwestern markets. We believe these funds will play a significant role in helping us meet our long-term portfolio growth goals and create value for our investors."
JVM closed on three of the communities in which Fund 6 and Premier Fund II are co-invested in the fall of 2017. Those properties include:
• Circa, a 265-unit luxury apartment community in Indianapolis' Mass Avenue Arts District, which is regarded as the city's pre-eminent entertainment corridor with more than 60 restaurants, bars and retailers. Circa residents enjoy an urban, highly walkable neighborhood with a professional atmosphere.
Community amenities include a resort-style saltwater pool and sun deck, outdoor gas grilling stations, a community room with catering kitchen and coffee/tea bar, bike rental services and secure bike storage.
• Avant at the Arboretrum, a 310-unit luxury apartment community in Lisle, Ill. The community is located along the prestigious I-88 Corporate Corridor within one of the most dynamic areas in suburban Chicago. Lisle has been listed on Money Magazine’s “Top 20 Best Places to Live in America” and included on Niche.com’s list of “Best Places to Live in Illinois."
The community's apartment homes include gourmet kitchens, granite countertops, stainless steel appliances and large patios/balconies. Avant also features units wrapped around a courtyard and a structured parking garage that provides residents with parking on the same level as their homes.
• Summit on Quality Hill, a newly constructed 252-unit community in downtown Kansas City, Mo. Located on the west side of downtown, Quality Hill is a historic neighborhood that sits on a 200-foot-high bluff overlooking the West Bottoms area. The community is near the popular Power & Light District, which includes The Sprint Center, the Kansas City Convention Center and a multitude of dining and entertainment establishments.
Summit also has all of the amenities an urban professional would want, including a resort-style pool, state-of-the-art fitness center, AT&T and Google internet connection, dedicated heated garage parking, electric car charging stations, 24-hour electronic package delivery system, and self-service dry cleaning pick up/drop off.
This month, JVM is expected to close on another community in which Fund 6 and Premier Fund II will be co-invested: Apex on Quality Hill, a 138-unit luxury apartment community in downtown Kansas City, Mo., that is the sister property to Summit on Quality Hill, which is located a block away. Apex, which was built last year, features the same amenities as its sister property.
"These communities are outstanding additions to our portfolio. They represent a nice mix of in-town and suburban communities, and they also feature the highly amenitized, best-in-class living experiences so in demand by today's apartment renter," Madary said. "We are confident that our management expertise and the overall strength of the apartment market in these areas will deliver optimized property performance and value to our investors."
Fund 6 and Premier Fund II also are co-invested in The Residences at New Longview, a 309-unit luxury apartment community in Lee's Summit, Mo. Furthermore, Premier Fund II is invested in Aventine at Oakhurst North, a 464-unit luxury apartment community in Aurora, Ill. JVM acquired the two communities in late 2016.