Independence Towers in the greater Kansas City area purchased
JLL Capital Markets closed the $6.95M sale of the 123-unit apartment community in MO
CHICAGO, March 10, 2021 – JLL Capital Markets announced today that it completed the $6.95 million sale of the Independence Towers, a 123-home, mid-rise apartment community located in Independence, Missouri, which is part of the greater Kansas City metropolitan area.
JLL worked on behalf of the seller, Property Resource Associates, to complete the sale to the buyer, FTW Investments.
Independence Towers totals 72,766 rentable square feet, is 93 percent occupied and has a mix of studio, one- and two-bedroom apartment options. The property’s amenities include a courtyard with barbecue area, recreation room and fitness center.
Located at 728 N. Jennings Rd., the area benefits from proximity to the bustling Kansas City metro, being home to major employers, shopping, dining and entertainment options; in addition to many corporate headquarters and $2 billion in development since 2016. The transit-orientated Independence Towers is proximate to Highways 24 and 291, offering regional connectivity and direct access into Kansas City.
Additionally, the property benefits from the recent 3.7 percent population boom over the last decade and the area’s strong market fundamentals, with the Independence and East Kansas City markets exhibiting an average occupancy rate of growth of 94.9 percent respectively over the last few years.
The JLL Capital Markets team representing the seller was led by Senior Director David Gaines and Director Kyle Butler, in conjunction with Executive Vice Presidents Adam Tilton and Jim Gates from the company’s Kansas City office, who worked closely with Ron Plichta and Tommy Bateman of Property Resource Associates.
“Private capital like FTW Investments, which functions as a vehicle to provide investors with a safe alternative to traditional stock and bond markets, has been extremely active in the Kansas City market over the last 12 months,” said Gaines.
“We are bullish on affordable housing in and around sub-markets of Kansas City like Independence for many reasons including affordability, rising construction costs and lack of supply,” said Logan Freeman, Chief Development Officer of FTW Investments LLC.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Property Resources Associates
Property Resource Associates is a Florida-based company that was established by Gary Plichta and has become an active and progressive multifamily investment and property management firm in the US. Gary has redefined apartment development and management for over 30+ years, from a product standpoint, that meant building communities of lasting value through inspired design, attention to detail, and tenant friendly living. In the coming year Property Resource Associates will have successfully launched acquisition and property management platforms into additional communities to strengthen its strategic position, diversify its revenue sources and more aggressively build its portfolio.
About FTW Investments
FTW Investments is a leading real estate investment firm and operator in the Kansas City metro. FTW assists investors in building impactful wealth and passive income through selective private real estate investments.. Its process involves the acquisition, operation, and eventual disposition, of large-scale real estate assets, as a vehicle to provide investors with a better alternative to traditional stock and bond markets. The company’s primary focus is the protection and preservation of investor wealth, then outsized growth. FTW Investments is led by Parker Webb, Logan Freeman, and Cory Tuck. For further information, visit ftwinvestmentsllc.com.