Kansas City, Kansas. Prairie Heights Apartments
332 unit project
Located in Wyandotte County, the site is immediately adjacent to 12,000 new jobs being created in the Village West District. Village West is anchored by NASCAR’s Kansas Speedway, the 18,000-seat Kansas City Wizard’s stadium, Cabela’s (NYSE: CAB), the country’s leading hunting, fishing, and boating outfitter, and the Nebraska Furniture Mart, a Warren Buffet company. Located ½ mile from the subject property is a new 616,000 sq ft. Class A office complex that will serve as the headquarters for Cerner Corporation (NASDQ: CERN). Cerner is a pioneer in healthcare information technology and has already broken ground and will move 8,000 high quality jobs into this complex about the same time as the Project comes online. The Project will feature 17 two and three-story apartment buildings and a single one-story clubhouse for the residents. The construction and finish quality will be to a very high standard, setting the project apart from the rest of the market. The Project’s rental units will be marketed primarily to singles and couples employed in the surrounding area. In addition to the employment in the immediate area, nearby rental demand drivers for the submarket include The University of Kansas, The University of Kansas Medical Center, General Motors, United Parcel Service (UPS) and Keebler Foods. Demand for rental housing in the area is very high. The most recent apartment project, the 263-unit Barcliff Apartments, was completed in 2010 and enjoyed an absorption rate of 50 units per month with no rental concessions. The Sponsor has hired Integra Realty Resources, an industry leader in market and feasibility studies, to complete a market study for the Project. Integra has extensive knowledge of the KCK market and the Village West District in particular. The Sponsor for the Project is Filios Companies (“Filios”). The principals of Filios have collectively developed and built over 70,000 institutional-quality units throughout the United States and have developed and built over 10,000 units in and around Kansas City. For over 30 years, George Filios was President of A.G. Spanos & Company, one of the country’s largest apartment developers and was in charge of strategy, site selection and construction nationally for the Spanos Companies. Bill Filios held several senior executive positions with the Spanos Companies over 30 years. He ran the company’s commercial division and was the regional President for Midwest apartment development and was headquartered in Kansas City, Kansas. Bill most recently completed a 250-unit apartment project for his own portfolio in Manteca, California. A building permit for construction of the Project has been issued. Construction could commence at upon completion of financing and it will take approximately 20 months for construction to be completed. Based on an absorption rate of 30 units per month, the Project will stabilize at 95% occupancy approximately 21 months from start of construction.