LENEXA, KS – The joint venture partnership of L5 Investments and BH Equities is pleased to announce it is nearing completion on a $14 million renovation of three nearby apartment assets totaling 1,159 units in two suburbs of Kansas City, MO. The communities include The Carlyle Apartments in Shawnee, KS, and The Meadows Apartments and The Reserve at 77 Apartment Homes (formerly named Lenexa Apartments) in Lenexa, KS. Over the past 20 months, the joint venture had acquired the properties with a renovation strategy in place in order to attract and retain renters seeking a quality, amenity-rich and well-located rental community.
The partnership’s value-add strategy includes a strong focus on unit interior improvements and upgrades including new appliance packages, faux wood flooring, new counters and bathroom fixtures, along with substantial improvements to leasing centers, amenities, exteriors, common areas, landscape and signage.
“L5 focuses on acquiring cash-flowing investment properties with significant value-add potential, and we have committed with confidence to the Silicon Prairie suburban markets of Johnson County,” said Michael Flaherty, founder and managing partner of L5 Investments, an El Dorado Hills, CA-based multifamily investment firm. “We specialize in identifying densely populated markets experiencing strong job growth that make long-term sense for our investments. These three properties represent our partnership’s confidence in the Lenexa/Shawnee submarkets. The renovations are anticipated to be completed this summer.”
Flaherty added that BH Management Services, BH Equities’ property management arm, has taken over the management role for all three properties in order to create better operational efficiencies and maximize the benefits of scale in the local region.
“A large part of our value-add strategy is to actively manage these high-quality properties and enhance their overall value via a strategic capital improvement program,” said BH Equities Director of Acquisitions Mike Baker. “We are successfully implementing our plan to make these communities attractive to existing residents as well as future tenants seeking luxury apartment living.”
All three Johnson County properties are within the greater Kansas City region’s highest concentration of employers and retailers and boasts access to the region’s top schools. The nearby Interstate 35 corridor provides direct access into downtown Kansas City, MO, which is just 10 miles to the north. The market is home to a growing number of tech startups and has been referred to as “The Silicon Prairie.” Google Fiber chose Kansas City to implement its high-speed service, and it is also home to several tech incubators such as Kansas City Startup Village and the Sprint Accelerator, Think Big Partners, Digital Sandbox, Kauffman Foundation, and 1 Million Cups.
Below is information on each community which are just steps away from each other on Quivera Road:
The Carlyle Apartments in Shawnee is a 436-unit apartment community that was acquired in June 2017. The asset is located at 7530 Cody Street on Quivera Road, a major local thoroughfare. This property is situated on 31.74 acres and features a swimming pool with sundeck, clubhouse, fitness center, playground, two lighted tennis courts, sand volleyball court, and picnic areas.
The Meadows Apartments in Lenexa is a 434-unit garden style apartment community and was acquired in October 2017. The property is situated on 29.24 acres at 7620 Halsey Street and features a swimming pool, clubhouse, fitness center, playground, tennis courts, picnic areas, and a mix of one, two and three-bedroom units.
The Reserve at 77 in Lenexa is a 289-unit garden style apartment community and was acquired in November 2016. The property is situated on 20.46 acres and is located at 12000 W. 77th Terrace. It features a swimming pool, clubhouse, and picnic areas with charcoal grills. Its location provides excellent access to Interstates 35 and 435, retail, dining, and award-winning schools.
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 $280 million of assets totaling 3,700 units 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. 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 El Dorado Hills, CA. 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 80,000 units under management in 21 states, BH Management Services, LLC ranked 9th on the National Multifamily Housing Council’s Top 50 Management Companies for 2018, while BH Equities ranked 17th on the NMHC’s Top 50 Owners.
For more information, visit www.BHManagement.com