Bridge Partners and Fogelman Properties Acquire Cambridge Square Apartments
October 31st, 2016
Overland Park, KS
Bridge Partners Fund II and Fogelman Properties announced today the joint venture purchase of Cambridge Square Apartments in Overland Park, Kansas. The acquisition is Bridge’s third value-add multifamily investment in Overland Park, and Bridge-Fogelman’s third joint venture and second in Overland Park. Cambridge Square is the second asset purchased by the Fund.
Cambridge Square is a 408 unit Class A apartment community built in 2001 which features a premier infill location in Overland Park adjacent to class A office and retail development on Nall Avenue. The property boasts easy access to the I-435 highway and the heart of Overland Park’s robust job centers. Overland Park is home to several Fortune 500 employers including Sprint and Cerner, which this winter will complete phase one of a 4.7 million square foot, 16,000 employee campus development just ten miles east of Cambridge Square. The property will also benefit from the construction of a $100 million University of Kansas hospital building across the street on 107th and Nall.
Bridge and Fogelman plan to add value to Cambridge Square by undertaking an extensive clubhouse, amenity, and exterior upgrade along with a modern unit interior update. These upgrades will provide Cambridge Square with a compelling product to better compete with the newly built Class A+ offerings nearby, while still remaining a cost-effective option in the area. Fogelman will continue to provide professional third party property management of the asset, utilizing their depth of experience in the Kansas City market to further improve property operations. Bridge secured favorable agency financing with CBRE within an efficient 60 day closing.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. Bridge Partners has completed over 200 transactions across 23 states and over 50 domestic markets. Its existing portfolio features 6,000 units across 15 states. In its 25 year history, Bridge Partners has zero credit defaults in all of its lending channels including: Fannie Mae, Freddie Mac, HUD, CMBS, along with various balance sheet and unsecured capital products. Bridge Partners is actively seeking additional investments that fit within its business plans.
Fogelman Properties is a Memphis, TN based real estate holding company whose affiliates have been actively involved in the ownership, development, acquisition, property management of multifamily properties since 1963. Fogelman and its related entities own more than 12,600 apartment homes, while Fogelman Management Group, LLC, the company’s property management arm, currently manages 79 multifamily assets totaling over 23,800 apartment homes throughout the Southeast, Midwest, and Southwest. Fogelman currently owns and manages 2,248 units in the Kansas City market.