Overland Park, Kan. – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired 79 Metcalf Apartments in Overland Park, Kansas. The purchase marks the firm’s first multifamily acquisition in the Kansas City metro area.
Built in 1984, 79 Metcalf Apartments is a 280-unit Class C community. 29SC’s capital improvement plan includes a full renovation of all units, enhancing amenities and installing new exterior siding.
29SC’s in-house property management service, Haven Residential, will oversee management and leasing.
“We believe this investment represents a unique opportunity to capitalize on the asset’s location in one of the most sought-after submarkets in Kansas City while also upgrading and repositioning it,” said 29SC’s Senior Vice President of Acquisitions Josh Lindley. “Overland Park has strong market fundamentals with a projected population increase of 5.4% and median income growth of 14.2% over the next five years. Demand in the submarket is driven by access to large employment centers, walkable downtown entertainment options, and easy access to outdoor activities.”
79 Metcalf Apartments is located at 7843 Riley St., about 10 miles southwest of downtown Kansas City. It is conveniently situated among large employment centers. The walkable downtown location features several dining options, retailers and parks just a few blocks away. Additionally, several walking and biking trails – as well as the Oak Park Mall’s more than 1.6 million square feet of retail space – are within a few miles. Overland Park has benefited from over $350 million in development since 2015, including a $20 million design-build community center half a mile from the property.
“The Overland Park submarket has shown very strong growth in both population and jobs, which we expect to continue,” Lindley added. “79 Metcalf’s proximity to top employers such as T-Mobile, OptumRx, Overland Park Regional Medical Center, and Johnson County Community College has made it one of the most desirable submarkets in Kansas. Plus, in 2020, Money Inc. ranked Overland Park second in the Best Places to Live in the Midwest.”
The transaction closed Tuesday, May 4th. Neither the seller nor the sale price was released.
In the last year, 29SC has acquired 15 conventional multifamily assets and over 4,000 units throughout the U.S. The firm continues to actively pursue additional opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on value-add and development of multifamily assets. The current portfolio consists of more than 12,000 units, having acquired over 20,000 units across its 16 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.
