KANSAS CITY, MO – A partnership between L5 Investments and BH Equities has completed a major renovation and repositioning of Whispering Lake, a 17-building, 384-unit apartment community located at 10415 East 43rd Street in Kansas City, MO. The partnership recently completed in excess of $1.7 million of renovations and had its official grand re-opening on June 22. At 95 percent, the property’s occupancy is increasing, renter interest has elevated, and the ownership has been able to secure stronger rents for the recently upgraded units.
Built in 1989, the one-of-a-kind, lake-front community situated on 8.19 acres of land offers residents large floor plans, in-unit washer and dryer, and private balconies and patios. Community amenities include a swimming pool, clubhouse, fitness center, and an 18-acre lake and dock. It is located within walking distance to public transportation and a wide variety of national retailers, and is just two miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman Stadium (KC Royals MLB baseball franchise).
The renovation program for Whispering Lake included a complete renovation of the lakefront leasing center and lounge area; new floating dock and seating; interior renovations; updated pool area; and the addition of outdoor areas that include a new playground, dog park and community event and barbeque area. The renovation was completed approximately 12 months after the partnership acquired the asset.
“Whispering Lake presented our partnership with a stabilized asset unlike any other in the local market. Our completed renovation and lake-front upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. “We are extremely pleased at the results of this strategic repositioning and are already realizing market rents as we meet area demand for quality rental living.”
“Our goal with all of our design and construction projects is to remove the obsolescence from our communities and offer contemporary spaces that meet the needs of today’s apartment seeker,” said BH Companies founder and chair Harry Bookey. “Whether it is enjoying a coffee in one of our cyber cafés, or relaxing by one of our resort-style swimming pools, we work hard to provide the upscale amenities that many would only expect to find at much higher-priced communities.”
Kansas City has a population of more than 2.1 million people and is the 29th largest metropolitan area in the United States. Local employers include Sprint, Ford Motor Company, and University of Kansas.
About L5 Investments: Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $118 million of assets under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management. With over 50 years of real estate experience, L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential. L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity. L5 is based in the Sacramento area. www.L5invest.com.
About BH Equities and BH Management Services: BH Companies are committed to creating value by acquiring, improving and managing apartment communities with the goal of maximizing asset value for their partners. Their success in this endeavor is evidenced by their growth from a start-up firm in 1993 to one of the largest multi-family owners and management companies in the nation. BH Companies is comprised of three divisions including BH Equities, BH Management Services and BH Construction Services. With more than 60,000 units under management in 21 states, BH Management Services, LLC ranked 11th on the National Multifamily Housing Council’s Top 50 Management Companies for 2016, while BH Equities ranked 17th on the NMHC’s Top 50 Owners. For more information, visit www.BHManagement.com.