Source: Timberland Partners / #Apartments #Multifamily
TOPEKA, KS - Minneapolis based Timberland Partners announced the acquisition of Woodland Park at Soldier Creek, a well-established apartment community located in Topeka, Kansas. Founded in 1992, the company now owns and manages 57 apartment communities totaling over 11,000 apartment units in its portfolio spanning 12 states.
The 236-unit acquisition was funded from Timberland Partners Investment Fund V, LLC. This was the ninth property purchased through its fifth fund, which now holds a grand total of 2,043 units. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
Timberland Partners Vice President of Investments, Matt Fransen, said ““Timberland Partners is excited about the acquisition of Woodland Park. It’s a great opportunity for us to add a high quality, newer vintage property in a stable, tertiary market like Topeka. We feel that this asset will provide our investment partners with solid, consistent cash flows over a long term horizon.”
A number of exciting improvements are planned for Woodland Park, which was built in 2008. Most notably, the installation of an all new, resort-style swimming pool which was included in the site's original development plans as part of their central courtyard. Exterior signage, parking lot improvements and new exterior paint will also be part of the site improvement plans. Upon completion, Woodland Park will be one of the top, best-in-class communities in the market.