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| Rendering of the planned 322-unit Galleria Residences, Overland Park, KS |
KANSAS CITY, KS, June 22, 2020 – JLL
Capital Markets announced today that it has arranged $21 million in joint
venture equity for the development of The Residences at Galleria, a
322-unit, Class A, podium multi-housing community in the suburban Kansas City
community of Overland Park, Kansas.
JLL worked on behalf of the developer, Block Real Estate Services,
LLC (“BRES”), to arrange the joint venture equity partnership with Hartford
Investment Management Company (“HIMCO”).
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| Ken Block |
The project site, which was sourced directly
from Sprint, is part of the broader mixed-use Galleria 115 master-planned
development that, when complete, will include approximately 70,000 square feet
of office and 200,000 square feet of retail space in addition to 548
multi-housing units, including the subject property.
The property is walkable
to five upscale retail centers, national grocers and ample restaurant options.
The Residences at Galleria’s mix of one-, two- and three-bedroom
units will average 927 square feet and will feature high ceilings, large
walk-in closets with custom shelving, highly upgraded kitchens with upgraded
appliances and European-style cabinets, outdoor terraces, modern white granite
countertops, full-sized washer and dryer in units, double-paned windows and
more.
The project will feature the best community amenities offered in the
submarket and include a large resort-style swimming pool with shallow ledge
features; pool deck with cabanas, hot tub, sports courts and water features;
fitness center with Peloton bikes, massage therapy and virtual training;
outdoor group fitness areas; clubhouse with fireplace, game room and social
media room; executive business center; dog park and pet spa; and available
garage and covered parking. The project is expected to deliver in 2022.
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| Jody Thornton |
“Galleria will be BRES’ most exciting project to date, building on
our successful experiences with this high-end podium product, which allows for
a large outdoor amenity deck and other amenities that are unique in this
market,” said Ken Block, BRES Managing Principal.
“We are excited to partner
with HIMCO on this project, and, from the beginning of discussions with them,
it was clear that we had a shared vision for the quality of this project and
its high-demographics location within Overland Park.”
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| Mark Erland |
The JLL Capital Markets Debt Placement team representing the
borrower was led by Executive Managing Director Jody Thornton, Senior Director
Mark Erland, Director Matt Benson and Analyst Kellan Liem.
JLL Capital Markets is a full-service global provider of capital
solutions for real estate investors and occupiers.
The firm's in-depth local
market and global investor knowledge delivers the best-in-class solutions for
clients — whether investment advisory, debt placement, equity placement or a
recapitalization.
The firm has more than 3,700 Capital Markets specialists
worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit
the firm’s U.S. media center Web page: U.S. newsroom.
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| Matt Benson |
About Block Real Estate Services, LLC
Block Real
Estate Services, LLC (“BRES”) is a full-service commercial real
estate company managing over 43 million square feet of retail, office and
industrial properties and affiliate Block Multifamily Group manages 7,350
multifamily units for equity partnerships and third-party owners.
BRES’s
portfolio of services continues its role as the most comprehensive commercial
real estate firm in Kansas City by providing and specializing in: real estate
brokerage services, tenant representation, investment services, asset and
property management, economic incentives consultation, financial services,
construction and development services and the Block Funds.
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| Galleria Residences rendering for planned $21 million multifamily development in Kansas City suburb of Overland, KS |
Contact:
Kimberly Steele,
JLL
Senior Associate
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
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