NEW YORK--(BUSINESS WIRE )--Sentinel Real Estate Corporation (“Sentinel”) today announced that it has acquired Lexington Farms Apartments, a 404-unit garden-style community in the desirable suburb of Overland Park, 18 miles southwest of Downtown Kansas City.
Originally constructed in 1997, but recently renovated, Lexington Farms features one-, two- and three-bedroom apartments averaging 972 square feet. Over the past two years, a substantial upgrade program was conducted on the property’s common areas, including repainting the building exteriors, remodeling the clubhouse to reflect a contemporary aesthetic and the addition of a business center, Wi-Fi lounge and coffee bar. During the same period, two-thirds of the units were updated to include modern finishes, appliances and fixtures, including quartz countertops, stainless steel appliances, tile backsplashes, shaker-style cabinetry, kitchen islands, wood-style plank flooring in common and wet areas, carpeted bedrooms, ceramic tile baths, full-size side-by-side washers and dryers, soaking tubs, walk-in closets, private balconies or patios and Wi-Fi thermostats. Sentinel intends to realize additional value at the property by renovating the remaining units.
“Lexington Farms presented an attractive opportunity to acquire a partially-renovated multifamily development located in a desirable area supported by strong fundamentals, including good schools and strong local employment centers,” said Michael Streicker, President of Sentinel. “We look forward to leveraging our significant expertise to renovate the remainder of the property, realizing additional upside potential.”
In addition to the renovated clubhouse, community amenities include a lounge area, a coffee bar and demonstration kitchen, two heated saltwater swimming pools, a poolside firepit, a BBQ pavilion, a ping-pong table, a hammock lounge, a snooker ball court, a bocce ball court, a tennis court, a 24-hour fitness center, a dry sauna, billiards and a dog park.
Lexington Farms is located within walking distance of retail and restaurant developments along the 135th Street corridor including Overland Pointe Marketplace, an 80,000-square-foot retail center with several national tenants. Moreover, Lexington Farms is served by top-ranked Blue Valley School District, which is less than 1.5 miles from the community. Major employers in the area include Cerner, T-Mobile, OptumRx and Overland Park Regional Medical Center, comprising nearly 30,000 jobs. Lexington Park Apartments also benefits from proximity to several of Kansas City’s major thoroughfares such as I-435, I-35 and US-69, which provide convenient access throughout the metropolitan area.
Sentinel has been active in the Kansas City market throughout its 53-year history, having owned and operated 17 multifamily properties in the area. In addition to Lexington Farms, Sentinel currently owns three properties nearby, Weston Point Apartments, Corbin Greens Apartments and The Fairways at Corbin Park Apartments, providing enhanced competitive positioning in the submarket. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.
About Sentinel Real Estate Corporation Established in 1969, Sentinel Real Estate Corporation is a New York City-based independently owned real estate investment management firm. The firm currently has $9.3 billion of institutional-quality real estate assets under management on behalf of more than 100 domestic and international clients. Sentinel maintains offices throughout the United States, Amsterdam, Germany, Australia and Singapore. The firm’s portfolio currently comprises over 26,000 apartment units and 5.3 million square feet of commercial real estate. Sentinel operates on a vertically integrated platform with 750 employees performing all phases of the investment process including on-site property management. For more information about Sentinel, please visit www.sentinelcorp.com.
Media: ICR on behalf of Sentinel Megan Kivlehan Sentinel@icrinc.com
Media: ICR on behalf of Sentinel Megan Kivlehan Sentinel@icrinc.com