LENEXA, KAN. — A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community, for $17.7 million. The property is situated on 20.5 acres at 12000 W. 77th Terrace in Lenexa, approximately 12 miles south of Kansas City, Mo. The community features 145 one-bedroom units and 144 two-bedroom units.
The building was originally built in 1972 and renovated in 1992. The partnership is planning a major renovation of the property estimated at more than $6 million, including construction of a new leasing center, business and fitness center, landscaping enhancements and new lighting. BH Equities will manage the property through its property management arm, BH Management Services. Dustin Dulin of JLL arranged the debt on behalf of the partnership. Brandon Grisham of CBRE brokered the deal with both the buyer and the seller, a private investor.