
29SC Makes First KC-Area Multifamily Deal
29th Street Capital (29SC) has acquired 79 Metcalf Apartments in Overland Park, KS. The purchase marks the Chicago-based firm’s first multifamily acquisition in the Kansas City metro area. Terms weren’t disclosed.
Built in 1984, 79 Metcalf Apartments is a 280-unit Class C community. 29SC’s capital improvement plan includes a full renovation of all units, enhancing amenities and installing new exterior siding. 29SC’s in-house property management service, Haven Residential, will oversee management and leasing.
“We believe this investment represents a unique opportunity to capitalize on the asset’s location in one of the most sought-after submarkets in Kansas City while also upgrading and repositioning it,” said Josh Lindley, 29SC’s SVP of acquisitions.
Citing projections of strong growth in population and median income over the next five years, Lindley added, “Demand in the submarket is driven by access to large employment centers, walkable downtown entertainment options and easy access to outdoor activities.”