LANE4 Property Group and Jones Development Company announced today that they have closed on the purchase of five apartment complexes in Prairie Village.
The multifamily properties that are part of the purchase are:
- Corinth Place, at 83rd Street and Mission Road
- Corinth Paddock, at Corinth Drive and Mission Road
- Corinth Gardens, near 83rd Street and Mission Road
- Corinth Mission Valley, at 84th Street and Mission Road
- Kenilworth Apartments, near 95th Street and Mission Road
It’s LANE4’s third major property acquisition move in the city over the past decade. LANE4 purchased the Village Shops and Corinth Square from Highwoods Properties in May 2009, and secured two community improvement district agreements from the city that provided the developer revenue from a new 1 percent sales tax at the centers. Those CIDs fueled the redevelopment of the centers in 2012 and 2013. In 2014, the Consentino family, which had provided much of the funding for the purchases in 2009, sold the centers to First Washington Realty at a profit of $47 million.
More recently, LANE4 purchased the aging Prairie Village Office Center at 73rd Street and Mission Road, and completed a significant renovation of its exterior and interior common spaces.
LANE4 partner Hunter Harris said the purchase was motivated in part by a desire to diversify the company’s holdings and apply their redevelopment approach to non-retail investments.
“We will always be retail experts,” said Harris in a statement on the purchase. “But the retail world has changed. With the progression of mixed-use and infill projects, the world is not so black and white. Retail, residential, office, and hospitality as well as other uses, based on their geography are now core lines of business. Our focus is good real estate and strong supporting demographics, irrespective of the asset class.”
The properties included in the purchase have 588 living units and 600,000 square feet of rentable space combined.
Harris said the company plans to invest in expanding amenities and features at the apartments in an effort to “provide better quality of life” for the residents.
“We have found Prairie Village to be one of Kansas City’s strongest suburbs. Abundant in community life, family values, and history, people are proud to live in PV,” says Hunter Harris, Partner at LANE4. “These properties have qualities that make them unique and distinctive to the Prairie Village area but are in need of maintenance and upgrades.”