Multifamily X Missouri

L5 partnership acquires 624-unit apartment community in Kansas City

L5 partnership acquires 624-unit apartment community in Kansas City,ph01

A joint venture partnership of L5 Investments, Odyssey Properties Group and BH Equities has acquired The Crossing at Barry Road Apartments, a 624-unit, 95-percent occupied, value-add apartment community at 7831 N.W. Roanridge Road in Kansas City, Missouri.

The partnership will begin a three-year $13.8 million renovation plan on the apartment community.

Built in 1997, the garden-style apartment asset is situated on 40.9 acres and includes 54 three-story buildings. The floorplans consist of one- and two-bedroom units with 9-foot ceilings, crown molding, oversized closets and private balconies or patios. Some units offer a wood-burning fireplace, lake views, additional storage closets and washer/dryer. The on-site amenities feature a best-in-class clubhouse, fitness center, Starbucks coffee bar, business center, two resort-style swimming pools, lighted tennis court, outdoor picnic and grilling areas and two lakes.

The Crossing at Barry Road is a well known property that is located in an area of growth and is directly off Interstate-29 just south of the Barry Road interchange. The property is just eight miles from the Kansas City International Airport, which is embarking upon a significant $1.5 billion expansion that is anticipated to create about 5,000 to 8,000 construction jobs over the next five years.