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Union at Purple Heart Trail in Wichita, Kansas
Affordable HousingDevelopmentFrom the MagazinesKansasMidwest

Affordable Housing Developers Find Opportunity in Wichita

by Channing Hamilton

Wichita has grown considerably in the past few decades while still maintaining the small-town charm the city is known for. With a population of 397,532 as of the 2020 U.S. Census, Wichita is the largest city in Kansas. The city has grown 4 percent since 2010, when the U.S. Census reported the population as 382,368. The many changes in the city’s demographic makeup and economy have notably changed the multifamily rental housing landscape. Farming remains prevalent in this area, which is tucked into the heart of the Midwest. However, other …

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Canyon Creek East in Lenexa, Kansas
Affordable HousingDevelopmentFinanceKansasMidwestNews

Walker & Dunlop Arranges $29.6 Million LIHTC Equity for Affordable Housing Development in Lenexa, Kansas

by Channing Hamilton

LENEXA, KAN. — Walker & Dunlop has arranged $29.6 million in federal Low-Income Housing Tax Credit equity for Canyon Creek East, an affordable housing development in the Kansas City suburb of Lenexa. The borrower, MRE Capital, plans to use the funds to finance 40 percent of the project’s total development costs. Jennifer Erixon led the Walker & Dunlop Affordable Equity team that arranged the equity. Canyon Creek East will comprise 212 units across five buildings. The community will target households earning between 30 and 80 percent of the area median …

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Union at Purple Heart Trail in Wichita, Kansas
Affordable HousingDevelopmentFinanceKansasMidwestNews

Annex Group Underway on $61 Million Affordable Housing Development in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — The Annex Group is underway on the construction of Union at Purple Heart Trail, a $61 million affordable housing project in Wichita. Purple Heart Trail will consist of 240 apartments across two four-story buildings. Units will be available to households earning at or below 60 percent of the area median income. Planned amenities include a community center with a fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Construction is slated to complete in early 2026. The development team for …

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The OsLo in Overland Park, Kansas
DevelopmentKansasMidwestNews

Ryan Cos. Breaks Ground on 413-Unit The OsLo in Overland Park, Kansas

by Channing Hamilton

OVERLAND PARK, KAN. — Ryan Cos. has broken ground on The OsLo, a 413-unit complex in the Kansas City suburb of Overland Park. The project will rise four stories at the intersection of 135th Street and Antioch Road. Amenities will include smart technology, a spa, yoga studio, golf simulator, sound studio, coworking areas, a pool, pond and dog park.  The OsLo is being built in partnership with operating partner EPC Real Estate Group. Ryan Cos. is serving as the developer, builder and capital markets provider. NSPJ Architects is the architect, …

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The Berkley Riverfront sites in Kansas City
Affordable HousingDevelopmentFinanceInvestment SalesKansasMarket ReportsMidwest

Buyers Retreat, Development Peaks in Kansas City

by Channing Hamilton

­While investment sales activity has slowed in the Kansas City apartment market due to the spike in interest rates, development is continuing at a brisk pace. RealPage reports that 8,582 units were under construction in metro Kansas City as of the second quarter. This number is on par with the second quarter of 2022 when 8,422 units were under construction, and significantly higher than the second quarter of 2021 (6,889 units) and the second quarter of 2020 (7,354 units).  Total deliveries in 2023 are expected to rank as the second …

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FinanceKansasMidwestNewsPeople News

Northmarq Kansas City Office Adds Joe Heinzler as Vice President

by Channing Hamilton

KANSAS CITY, KAN. — Northmarq has hired Joe Heinzler as vice president to the firm’s Kansas City debt and equity team. In this role, Heinzler will facilitate debt and equity placements for investors and lenders including Freddie Mac, Fannie Mae, life insurance companies and banks. He will work alongside Senior Vice President Greg Duvall and Vice President John Duvall. Before joining Northmarq, Heinzler spent two years as a commercial relationship manager with North American Savings Bank. Prior to this, he an office broker with Kessinger Hunter & Co. He received …

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DevelopmentInvestment SalesKansasMidwestNews

Block & Co. Brokers Sale of 12.8-Acre Development Site in Overland Park, Kansas

by Channing Hamilton

OVERLAND PARK, KAN. — Block & Co. Inc Realtors has brokered the sale of a 12.8-acre site on the southwest corner of 135th Street and Antioch Road in Overland Park. David Block and Mark McConahay of Block & Co. represented the undisclosed seller. The buyer plans to develop an apartment complex on the site. Construction is expected to begin immediately, with completion slated for 2024. Block & Co. will market the remaining 4.2 acres of land that runs along the north edge of the property along 135th Street. Four pad …

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Kingston Cove, a lakefront multifamily community.
Investment SalesKansasMidwestNews

Post Road Management Acquires 11-Property Portfolio in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — Post Road Management has acquired a portfolio totaling 1,002 units across 11 properties in Wichita for an undisclosed price. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the seller and procured the buyer. The communities in the portfolio include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. The firm plans to invest an average of $12,000 per unit in renovations. About 21 percent of the units …

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Residences at Galleria, Overland Park, Kansas
DevelopmentKansasMidwestNews

JLL Secures Over $59.7 Million in Refinancing For The Residences at Galleria in Overland Park, Kansas

by Kari Lloyd

OVERLAND PARK, KAN. — JLL Capital Markets has closed over $59.7 million in refinancing for The Residences at Galleria, a newly constructed, 322-unit community in the Kansas City suburb of Overland Park, Kansas. JLL represented the borrower, Block Real Estate Services, to secure the financing through Eagle Realty Group. The JLL Capital Markets Debt Advisory team was Jody Thornton, Mark Erland and Tony Nargi. Completed in 2022, the five-story The Residences at Galleria features one-, two- and three-bedroom units with large private patios, smart home features and an average unit …

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