OVERLAND PARK, KS - Minneapolis based Timberland Partners is pleased to announce the acquisition of Autumn Park, a well-established apartment community located in Overland Park, Kansas. Founded in 1992, the company now owns and manages nearly 11,000 apartment units in its portfolio spanning 12 states.
The 232-unit acquisition was funded from Timberland Partners Investment Fund V. This was the eighth property purchased through Fund V, which now holds a grand total of 1,807 units. Timberland Partners anticipates offering additional Fund investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
Autumn Park’s highly sought after location puts residents at the doorstep of Kansas City’s highest concentration of employers and retail amenities, including the Corporate Woods Office Park, College Boulevard office corridor, and Town Center Plaza lifestyle retail center. Timberland Partners Vice President of Investments, Matt Fransen, said “we are thrilled about the opportunity to invest in such a well-located property in the heart of Overland Park. The Kansas City rental market, particularly the Johnson County submarket, continues to benefit from steady rent growth and strong occupancies. This acquisition represents our fourth property in Johnson County, an area we’ve identified as a growth market for our expanding apartment portfolio.”
Built in 1973, Autumn Park has benefitted from over $2.5 million in capital upgrades since 2012, including all new siding, new roofs, new entryway doors and windows, and updates to all interior building hallways. Going forward, the property will be re-branded as “Arcadia at Overland Park” with plans to further improve the community with updated kitchen features, renovated clubhouse, new exterior signage and landscaping improvements.
Arcadia at Overland Park includes 14 two-story residential buildings located on nearly 18 acres of prime real estate, offering one-, two- and three-bedroom floor plans. The property is within the award winning Blue Valley School District with amenities such as a resort-style swimming pool; tennis and basketball courts; 24-hour newly upgraded fitness center; grilling stations and green spaces; pet friendly residences and access to an adjoining park with lakes and jogging/walking trails.
Overland Park is the second largest city in the Kansas City metro and the state of Kansas, boasting a unique blend of urban vitality and suburban conveniences. It is highly regarded for its premier residential communities, first-class shopping, dining and entertainment, and an outstanding quality of life and is recognized as one of the nation's top 10 small cities in which to live, according to Money Magazine.
The CBRE Kansas City team of Jeff Stingley and Jeff Lamott represented the seller.
Timberland Partners is a real estate investment and management firm which currently owns nearly 11,000 apartments and 550,000 square feet of commercial property in twelve states. For more information, please contact Matt Fransen, Vice President of Real Estate Investments, at mfransen@timberlandpartners.com or 952.843.2031 or visit timberlandpartners.com.