KANSAS CITY, KAN. — Skyline LLC and ND Consulting have acquired Silver City Apartments in Kansas City for $8.9 million. Originally built in the 1970s, the 160-unit property underwent a tax credit renovation in the mid-1990s. Dan Piatkowski of Affordable Housing Investment Brokerage Inc. brokered the transaction. Commercial Group, a Topeka, Kan.-based owner and operator, sold the asset. The buyers were interested in the HAP contract in place at the property and plan to expedite renovations needed. A tax credit renovation is the renovation of an existing property in effort to provide quality affordable housing to low-income tenants, according to Piatkowski. In exchange for tax credits and other fees, which lessen a developer’s financial exposure, developers renovate properties that are often project-based Section 8, agreeing to specific rental restrictions for a certain period of time based on tenant’s income. All different types of debt service are used to finance these types of properties, including Freddie Mac, Fannie Mae, HUD and other loan programs.
Kansas
TOPEKA, KAN. — NorthMarq has arranged the sale of three multifamily properties totaling 216 units in Topeka for an undisclosed price. The properties include the 117-unit Shawnee Lake, the 65-unit Wanamaker View, and the 34-unit Brentwood Apartments. Jeff Lamott of NorthMarq arranged the sale on behalf of both parties. Orozco Capital Trust sold the assets to Vertex Investments. Built in the 1990s, the Class B properties are nearly fully occupied.
KANSAS CITY, KAN. — Brinkmann Constructors has broken ground on a new dual-branded hotel in north Kansas City. The hotel will feature the brands Aloft and Element, both of which are owned by Starwood. KMG Hotels is developing the 135,000-square-foot project, which will consist of approximately 100 rooms connected to a 15,000-square-foot convention center. The project is within the One North development. Completion is slated for September 2020. US Bank is providing financing. Hoefer Wysocki is the project architect.
OLATHE, KAN. — Hunt Midwest, in partnership with Senior Living Group, has opened Benton House of Olathe, an assisted living and memory care community in Olathe. This is the partnership’s ninth Benton House community in metro Kansas City. Benton House of Olathe features 55 studio and one-bedroom units. The single-story, 52,000-square-foot building is situated on 4.4 acres. The Beacon Neighborhood is a secured area dedicated to residents in need of additional memory care services and support. Monthly rental rates start at $3,000.
Like many U.S. cities, Wichita’s downtown has experienced an unprecedented revitalization in recent years, with new development and the reimagining of older structures. Growth in the core is not slowing anytime soon if current projects under construction or on the drawing board are any indication. A number of projects, revolving around a new baseball stadium, are poised to inject new life into the historic Delano District. Plans for a new performing arts center are under discussion, and major mixed-use developments and public improvement projects along East Douglas Avenue are positioned to enhance the link between Delano and the city’s Old Town district. According to the organization Downtown Wichita, more than $1 billion has been invested in the urban core in the last 10 years, $631 million of which was private investment. The city center has retained a number of high-profile businesses after a decade of notable companies relocating to northeast suburban office locations. Project pipeline Following the recent addition of more than 800 apartment units in and around the central business district, commercial activity is on the upswing. The Spaghetti Works District, expected to be completed this fall, is a $23 million mixed-use development led by TGC Development Group and …
LENEXA, KAN. — Colliers International has brokered the sale of a 26,800-square-foot industrial building in Lenexa for an undisclosed price. The property is located at 9641 Lackman Road. Tom Haverty of Colliers represented the seller, Compass Properties LLC. John Stafford of Colliers represented the buyer, RMS Real Estate LLC.
OVERLAND PARK, KAN. — Tutera Senior Living & Health Care is underway on a $1.5 million renovation of its senior living community in Overland Park known as The Atriums. This month, Tutera expects to complete Phase I of the project, which includes renovation of the first-floor common living areas. Tutera will also begin Phase II, an expected $1 million remodel of the property’s 203 units. Amenities within the 50,000-square-foot common living area include a dining area, pub, billiards room, reading corner and community lounges. The property features 168 independent living units and 35 assisted living units. The residences will be updated with new lighting, flooring, paint and other upscale finishes. Phase II is slated for completion in the next 12 to 18 months.
LEE’S SUMMIT, MO. AND SHAWNEE, KAN. — Hotworx, a high intensity isometric fitness concept, has signed two long-term leases in Lee’s Summit, Mo., and Shawnee, Kan. The Lee’s Summit location will be located at 1309 NE Douglas St. and span 1,900 square feet. The studio is slated to open this summer. In Shawnee, Hotworx will occupy a 2,000-square-foot space in a Bank of America-anchored strip center. The location is also expected to open this summer. Bill Maas and Daniel Brocato of Block & Co. Inc. Realtors represented Hotworx in the lease transactions. The brokers are currently working with Hotworx to open a location in Liberty, Mo., later this year. The fitness company currently operates a studio in Lawrence, Kan.
A renaissance is underway in Topeka, Kansas, with undeniable momentum as new commercial, industrial and residential developments emerge citywide. The year 2015 was pivotal with a $9.4 million public-private investment in infrastructure and amenities along Kansas Avenue downtown. Local investors have purchased more than 25 buildings on the avenue for gradual restoration into thriving businesses like Iron Rail Brewing, The Pennant, Cyrus Hotel and Kansas Avenue Lofts. The 45,000-square-foot Evergy Plaza is slated to open in March 2020 in the shadow of the Kansas Statehouse. A crowning jewel of downtown development, the plaza will feature a 50-foot performance stage, digital screen, programmable fountains, fireplaces and an ice skating rink during the winter. According to a recent market study, growth in the Capital City shows no signs of slowing down. St. Louis-based Development Strategies says downtown could support expansion over the next decade to include 900 new or rehabilitated housing units, 300,000 square feet of new or rehabilitated office space, 690,000 square feet of retail space and at least 200 more hotel rooms. “Investments downtown enhance quality of life and quality of place to help attract and retain a workforce that will take us into the next 15 to 20 years,” …
LAWRENCE, KAN. — Block & Co. Inc. Realtors has negotiated the sale of a nearly one-acre development site in Lawrence. The property is located at 5100 Congressional Circle. The buyer, Sanders LP, plans to begin construction this summer on a 9,000-square-foot building. A local dental practice will anchor the development, leaving 4,000 square feet of additional space for lease. Completion is slated for the first quarter of 2020. Shawn Stuckey of Block represented the buyer in the sale. The seller was not disclosed.