In a recent fee simple transaction, Bridge Partners placed individual high net worth and family office equity to acquire Signature Place, a 232 unit apartment complex in Overland Park, Kansas. The property was purchased by the former owner as part of a large portfolio in 2006. As the previous owner focused on the integration of this portfolio within their organization, limited attention was allocated to the asset, one of their only two assets in Kansas City. As a result, the property suffered from deferred maintenance and mismanagement.
Bridge Partners allocated funds to address the deferred maintenance items and engaged an expert management company to improve property operations. To capitalize on the strong market, Bridge Partners also pursued a value add renovation plan, which included a $1.4M construction scope to re-position the property from a B to an A asset.
The renovation plan was completed within 7 months of acquiring the property and included a full reconstruction of the club house, new roofs, property-wide landscaping, upgraded amenities and new asphalt throughout the parking facilities. Since completing the renovation project, Bridge Partners has worked closely with its property managers to re-position the asset and leverage its strong location within the Overland Park market.
Located near the corner of 119th Street and Highway 69, Signature Place is in the heart of Overland Park and is close to several major employers and large retail centers. Kansas City and Overland Park are recognized as diverse economies with no one sector representing more than 15% of the overall economy. Overland Park is the premier submarket in Kansas City offering a stable employer base and strong demographics. The submarket’s unemployment rate is 5.9% compared to the Kansas City’s average of 9% and national average of 9.1%. The median household income in Overland Park is $86,053 compared to Kansas City’s average of $56,942 and the nation’s average of $51,546. Beyond the presence of strong employers, Overland Park’s strength is its public school districts, which are consistently among the highest ranked school districts in the country.