Caisson Capital Partners Acquires Kansas Apartment Community for $23.4M

OVERLAND PARK, KAN. — Caisson Capital Partners has acquired Preston Court, a 181-unit multifamily community in Overland Park, for $23.4 million. The acquisition marks the firm’s first investment in metro Kansas City and increases its multifamily assets under management to more than $100 million. Built in 1968, Preston Court features units averaging 1,034 square feet. Amenities include a business center, clubhouse, fitness center, pool, picnic areas and pet-friendly spaces. Caisson acquired the property at a 6.3 percent cap rate utilizing fixed-rate Fannie Mae financing. Caisson plans to modernize apartment interiors while enhancing common areas, landscaping and signage. CBRE represented the seller, Price Brothers.