Monday, November 21, 2016

L5 Investments Partnership Completes $17.75 Million Acquisition of 289-Unit Apartment Community in Lenexa, KS

Kelly Weber

Lenexa, KS – A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community for $17.75 million. The property is situated on 20.46 acres and is located at 12000 W. 77th Terrace in Lenexa, KS, a city approximately 12 miles south of Kansas City, MO.

Built in 1972 and renovated in 1992, Lenexa Pointe is a garden-style apartment community that includes 145 one-bedroom units and 144 two-bedroom units. The on-site amenities include 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.

Lenexa Pointe Apartments, 12000 West 77th Terrace
 Lenexa, KS
The partnership is planning a major renovation of the property estimated at more than $6 million and will include construction of a new leasing center, business and fitness center; landscaping enhancements; new lighting; and exterior signage.

 Improvements will also be made to the majority of unit interiors which will include the installation of new flooring, cabinets, counters, lighting, fixtures, appliances, and washers and dryers

Additionally, in a strategic move to improve Lenexa Point’s operational functions, BH Equities will manage the property through BH Management Services, its property management arm.

“L5 continues to be bullish on seeking apartment assets in strategic locations that offer a favorable upside,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm.

“We are pleased to partner on another multifamily acquisition with BH Equities and believe our very comprehensive property renovation plans for Lenexa Pointe will provide residents with a quality, amenity-rich, and well-managed community.”

Michael Flaherty
“This is BH’s second venture with L5 in the greater Kansas City Metro, and part of an overall relationship that spans from Texas to the East Coast,” said Kelly Weber, director of marketing for BH Management Services.

 “Our similar philosophies of maximizing value for our residents through amenity-rich community enhancements make for an excellent partnership.”

With more than 50,000 residents, the City of Lenexa boasts one of the top school districts in the state and nation. It also has a strong business community with a number of high tech and bioscience companies located there.

The city also provides a favorable commuting environment for those driving or taking public transportation to Kansas City and surrounding areas. 

The job market throughout the greater region continues to expand as major companies such as Google Fiber, Federal Express, Wausau Supply, Procter & Gamble and H&R Block have made recently announcements to relocate operations or expand their presence in the area.

Dustin Dulin with JLL arranged the debt on behalf of the partnership.  Brandon Grisham with CBRE brokered the deal with both the buyer, and the seller, a private investor.    

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

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