KANSAS CITY, MO -Prosperity CRE, a national commercial real estate firm headquartered in Los Angeles, California, announced it has bought Colony Court Apartments in Kansas City, MO. 

Colony Court is an 80-unit garden-style complex, consisting of 80 two-bedroom apartments. Built in 1984, the complex has 77,400 square feet of rentable space.

“Kansas City is a strong multifamily market. Its employment is growing quicker than the national average and nine Fortune 1000 Companies are headquartered there,” Zach Winner, Founding Partner of Prosperity CRE commented, “The job market is very diverse and is one of the top cities in the country for science and technology related jobs.”

Property amenities include carports, an attractive pool and complimentary Google Fiber high speed internet access. 

Brett Meinzer, director and Dominic Martinez, associate director at Berkadia brokered the buy and sale of Colony Court Apartments. Block Multifamily Group has been engaged as professional property management.

Matthew Hodson, managing director at M&T Realty Capital, provided a Fannie Mae Green loan which provides a lower interest rate on the loan as well as incentives to reduce water and energy consumption at the property.

“Because of Prosperity CRE’s strong operational track record, we were able to secure a non-recourse loan with several years of interest only payments.”

Prosperity CRE plans on implementing several capital improvement programs and rebranding Colony Court. Plotted improvements include new dog park, new barbeque and picnic area, upgraded pool area, and a new community center and leasing office. Landscaping will also be upgraded, and a unit improvement program will be implemented that will feature updated kitchens, bathrooms and flooring.

Mark Rios, Founding Partner of Prosperity CRE commented, “As we reposition the apartment complex to provide greater features and amenities, and upgraded units, we’ll also be rebranding it to Hidden Hills Apartments.”

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NEW YORK, NY – Investcorp, a leading global provider and manager of alternative investment products, announced that it bought 11 new U.S. multifamily properties. The portfolio totals 2,615 units for a combined buy price of approximately $370 million. The acquisition marks Investcorp’s largest U.S. real estate portfolio acquisition completed in the past decade.

“This diversified acquisition marks a very exciting milestone for our real estate investment team as this is the largest real estate portfolio we have bought in the U.S. market in more than 10 years,” said Mohammed Alardhi, Executive Chairman of Investcorp. “As one of the most active investors in U.S. multifamily real estate, our real estate investment business continues to be an vital driver of our ambitious long-term global growth strategy on the path to $50 billion in AUM.”

The 11 properties in this portfolio are located in major U.S. metro areas in which Investcorp made previous acquisitions. The properties are located in six major metro areas across five states including Orlando, Florida; Tampa, Florida; Raleigh, North Carolina; Atlanta, Georgia; Philadelphia, Pennsylvania; and, St. Louis, Missouri.

Investcorp has partnered with an affiliate of Equus Capital Partners, Ltd., a Philadelphia-based vertically integrated real estate fund operator, in this transaction. Equus’ management affiliate, Madison Apartment Group, will also serve as the on-site property manager for the portfolio.

“We continue to see significant investment opportunities in U.S. multifamily given it is a well-performing, highly liquid asset class that draws upon the current strength of the overall U.S. economy and labor market,” said Michael Moriarty, Principal in Real Estate Investment at Investcorp. “Similar to many of our other recent multifamily investments, the assets in this portfolio are appealing because they are located in metro areas that are either key growth markets or population dense areas with new supply constraints. Each property offers strong existing occupancy levels and we believe also offers the opportunity for value-add renovations.”

Over the last 12 months, Investcorp ranks as a top-10 buyer of U.S. multifamily units according to Real Capital Analytics, having bought approximately 7,700 units. Since 1996, Investcorp has bought more than 600 total properties with a combined value of more than $16 billion.

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CHICAGO, IL – Corvias and the Illinois Institute of Technology (Illinois Tech) announced the renovation of Bailey Hall, which will provide new living space for 330 freshmen and sophomores by Fall Semester of 2020, the scheduled completion time, as part of Illinois Institute of Technology’s student housing program. The partnership is comprised of Corvias for development and management, Dirk Denison Architects for design and Gilbane Building Company for construction.

“This partnership solves for modern, sustainable housing, providing a vibrant new living experience for our first and second year students while revitalizing this historic and prominent part of our campus,” says Bruce Watts, vice president for facilities and public safety at Illinois Tech.

Founder and CEO of Corvias, John Picerne added, “By engaging Dirk Denison as architect, we arrived at a solution that thinks of the students’ needs first, enveloped in preservation and celebration of the Mies design.” This partnership adds to the more than 30 public-private partnerships Corvias has in the United States.

“It is truly rare to have the chance to renovate a Mies building,” said Dirk Denison, an alumnus of Illinois Tech and a long-term faculty member of the College of Architecture. “We questioned ourselves, how do we extend its legacy for today’s way of living?”

The project includes interior renovations and exterior facade replacement of the historic Mies Van der Rohe-designed Bailey Hall. Originally built in 1955, this nine-tale, 74,000 SF on-campus dormitory was decommissioned in 2007. The renovation project will incorporate 330 beds with residential common spaces on the ground floor and lower level.

The approach to Bailey Hall’s interior adapts the original floor plot to the needs of students today, to foster student interactions. At ground level, residents will enter into a transparent lobby whose interior is kept spatially and materially the same as Mies’s original design. The redesign fully reconfigures the basement, taking advantage of unused space to insert an open staircase connecting the lobby with new gathering areas, shared resources, including recreation room, laundry, and a collaboration space below.

Renovations provide eight levels of accessible single and double rooms arranged in a “pod” style. Each floor is conceived as a social unit defined by large study and social areas. Rooms pinwheel around these communal nodes, linked by corridors that extend all the way to the facade, offering additional daylight with city and lake views. Working with extensive energy modeling, the project also updates the building’s mechanical systems and envelope, improving efficiency, thermal comfort, safety, and ease of maintenance. Denison described the new Bailey Hall as a “low-impact, healthy building.”

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