KANSAS CITY, MO -Prosperity CRE, a national commercial real estate firm headquartered in Los Angeles, California, announced it has acquired Colony Court Apartments in Kansas City, MO.
Colony Court is an 80-unit garden-style complex, consisting of 80 two-bedroom apartments. Built in 1984, the complex has 77,400 square feet of rentable space.
“Kansas City is a strong multifamily market. Its employment is growing faster than the national average and nine Fortune 1000 Companies are headquartered there,” Zach Winner, Founding Partner of Prosperity CRE commented, “The job market is very diverse and is one of the top cities in the country for science and technology related jobs.”
Property amenities include carports, an attractive pool and complimentary Google Fiber high speed internet access.
Brett Meinzer, director and Dominic Martinez, associate director at Berkadia brokered the purchase and sale of Colony Court Apartments. Block Multifamily Group has been engaged as professional property management.
Matthew Hodson, managing director at M&T Realty Capital, provided a Fannie Mae Green loan which provides a lower interest rate on the loan as well as incentives to reduce water and energy consumption at the property.
“Because of Prosperity CRE’s strong operational track record, we were able to secure a non-recourse loan with several years of interest only payments.”
Prosperity CRE plans on implementing several capital improvement programs and rebranding Colony Court. Planned improvements include new dog park, new barbeque and picnic area, upgraded pool area, and a new community center and leasing office. Landscaping will also be upgraded, and a unit improvement program will be implemented that will feature updated kitchens, bathrooms and flooring.
Mark Rios, Founding Partner of Prosperity CRE commented, “As we reposition the apartment complex to provide greater features and amenities, and upgraded units, we’ll also be rebranding it to Hidden Hills Apartments.”