KANSAS CITY, MO - JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, announced it has acquired Summit Ridge Apartments (Summit Ridge) in Lee's Summit, Mo. JVM Management will manage the property.
The community, which features 432 apartment homes, is located just 20 minutes from downtown Kansas City and its array of employers, attractions and cultural venues. The property's close proximity to two interstates (I-470 and I-70) and two federal highways (U.S. 50 and U.S. 71) gives residents easy access to the entire metro area. Summit Ridge also is just more than a mile away from St. Luke's East Hospital, the largest private employer in Lee's Summit, and is near several popular retail centers, including Summit Woods, Summit Fair and downtown Lee's Summit.
JVM plans to add value to the community by undertaking renovations such as full unit upgrades and by repurposing underutilized amenities in order to add a package delivery facility with 24/7 access to residents, expand the fitness center and improve resident gathering spaces.
"We are extremely enthusiastic about the addition of Summit Ridge Apartments to our portfolio," said Jay Madary, president and CEO of JVM. "This property is truly a perfect fit for us. It has the kinds of units and amenities that will appeal to today's Class A renter in metro Kansas City, and it's located in a thriving submarket. On top of that, we believe we'll drive significant revenue growth through the upcoming renovations as well as our experience in the area and the implementation of our marketing, revenue management and construction expertise."
Community amenities at Summit Ridge Apartments include a resort-style pool with sundeck and heated spa; a 24-hour fitness center with cardio and strength-training equipment; a resident lounge with a coffee bar, business center and conference room; and a dog park and separate pet washing station.
Summit Ridge Apartments offers one-, two- and three-bedroom apartment homes. The units feature 9-foot ceilings with crown molding, 2-inch plantation blinds, hardwood-style flooring, brushed nickel fixtures and hardware, ceiling fans and kitchen backsplashes. Select homes have fireplaces, and private balconies and patios.