OVERLAND PARK, KS - San Francisco-based real estate investment firm Hamilton Zanze has acquired the 272-unit Metcalf Village Apartments in Overland Park, Kansas, rebranding the community as Boulders at Overland Park Apartments. The purchase closed February 28.
The 261,862-square-foot community was built in 2017 in the Blue Valley School District — one of the best performing districts in the nation. The Boulders at Overland Park offer a mix of one-, two-, and three-bedroom units well-suited for both single and family occupancy.
"This community represented a great opportunity to buy new, stabilized product below replacement cost thanks to robust local market momentum," said David Nelson, managing director of acquisitions for Hamilton Zanze. "Overland Park has been a target market for our acquisitions team, and we are excited to have found a perfect acquisition to fit our criteria. We look forward to further growing our presence in Kansas in the years to come."
The Boulders community is located close to Highway 69 at 16201 Travis Street, Overland Park, Kansas 66085. It features a 24-hour fitness center and an expansive outdoor saltwater pool, and HZ plans to execute only minor community improvements due to its newer construction. Planned projects will include landscape enhancements and improved outdoor lighting for way-finding and ambiance. The individual units feature state-of-the-art appliances, granite countertops, wood vinyl floors, and large, efficient dual pane windows.
Property management responsibilities will be transitioned to Mission Rock Residential, a Denver-based affiliate company of Hamilton Zanze.
The Boulders at Overland Park Apartments are located just 30 minutes from the state capital of Kansas City. Since 2000, over $6 billion of public and private projects have been completed in the metro area. The city's constant population growth, developing transportation system, and solid economic fundamentals can all be credited for making the region a prime target for multifamily and business investment.