Kansas City, MO, June 29,
2016 – A partnership between L5 Investments and BH Equities has completed a
major renovation and repositioning of Whispering
Lake, a 17-building, 384-unit apartment community located at 10415 East
43rd Street in Kansas City, MO.
The partnership recently
completed in excess of $1.7 million of renovations and had its official grand
re-opening on June 22. At 95 percent, the property’s occupancy is increasing,
renter interest has elevated, and the ownership has been able to secure stronger
rents for the recently upgraded units.
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| Whispering Lake Clubhouse |
Built in 1989, the
one-of-a-kind, lake-front community situated on 8.19 acres of land offers
residents large floor plans, in-unit washer and dryer, and private balconies
and patios.
Community amenities include a swimming pool, clubhouse, fitness
center, and an 18-acre lake and dock. It is located within walking distance to
public transportation and a wide variety of national retailers, and is just two
miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman
Stadium (KC Royals MLB baseball franchise).
The renovation program for
Whispering Lake included a complete renovation of the lakefront leasing center
and lounge area; new floating dock and seating; interior renovations; updated
pool area; and the addition of outdoor areas that include a new playground, dog
park and community event and barbeque area.
The renovation was completed approximately 12 months after the
partnership acquired the asset.
 |
| Michael Flaherty |
“Whispering Lake presented
our partnership with a stabilized asset unlike any other in the local
market. Our completed renovation and
lake-front upgrades have transformed the property into a community that will be
desirable for the long term,” said Michael
Flaherty, founder and managing partner of L5 Investments, a Northern
California-based multifamily investment firm.
“We are extremely pleased at the
results of this strategic repositioning and are already realizing market rents
as we meet area demand for quality rental living.”
“Our goal with all of our
design and construction projects is to remove the obsolescence from our
communities and offer contemporary spaces that meet the needs of today’s
apartment seeker,” said BH Companies founder and chair Harry Bookey.
“Whether
it is enjoying a coffee in one of our cyber cafés, or relaxing by one of our
resort-style swimming pools, we work hard to provide the upscale amenities that
many would only expect to find at much higher-priced communities.”
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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