Copaken Brooks adds The Walnuts, Plaza Pavilion to condo portfolio

Copaken Brooks is expanding its condominium management footprint in Kansas City. The firm will begin management for The Walnuts at 5049 Wornall Road and the Plaza Pavilion at 4949 Wornall Road, adding a total of nearly 300,000 SF to the current 1.3 million SF of the firm’s growing Class-A condo portfolio.

Just south of the Country Club Plaza stand The Walnuts - a 53-unit, 210,000 SF luxury condominium complex set in historic brick and stone, Jacobean-style buildings.

Around the corner from The Walnuts sits Plaza Pavilion, a five-story, 87,000 SF mid-rise community built in 2000 that houses 50 units, ranging from studios to four-bedroom layouts.

“Our city continues to grow, and with it, (so does) the multifamily market. Our premier condo management team is prepared to advise building owners, condo associations and boards on the best strategies to maximize their value while delivering consistent, high-quality service,” said Mark Thomas, senior vice president of asset and property management at Copaken Brooks.

The Walnuts and Plaza Pavilion join a growing list of condominiums managed by Copaken, including Western Auto Lofts, San Francisco Tower, Wallstreet Tower, Union Carbide Condominiums and One Park Place.

Luxurious Copper Ridge Apartments debut in the Northland

Lenexa-based general contractor Neighbors Construction Company, Inc. recently announced the completion of Copper Ridge Apartments, a luxury multifamily construction project in Liberty, MO.

Located adjacent to the expanding 291 Highway retail and entertainment corridor, the new apartment community is fulfilling market demand for high-quality housing in the booming area.

The 394,475 SF project features 292 units in six buildings, plus one central community clubhouse.

Constructed on a sloping hillside, the clubhouse makes a dramatic statement with an infinity-edge salt water pool and an outdoor terrace, compete with a custom grilling station. Clubhouse amenities include a fitness center, theater lounge, pub room, business center, massage therapy room, community kitchen and social hall gathering space.

NSPJ Architects provided design and architecture services for the community and its luxury units, which feature granite countertops, stainless appliances, wood plank flooring, brushed nickel fixtures, contemporary two-tone paint colors, and large windows which bring in abundant natural light.

Many units feature peaceful tree-lined views; others feature “infinity views” of the downtown KCMO skyline.

Project stakeholders include local developer NorthPoint Development in conjunction with GFI Development Company on behalf of New York-based GFI Capital Resources, Inc.

“Neighbors Construction Company did a magnificent job bringing to life an NSPJ Architects-designed multi-family community. We are excited to be one of the newest members of the Liberty community that has such deep roots,” said Andy Ashwal, GFI vice president and senior asset manager.

Ryan Neighbors, vice president at Neighbors Construction, credits the construction “team approach” for the success of the project, which was delivered two months earlier than anticipated despite several challenges including a nearly 50-foot elevation change from one end of the site to the other with a public street right-of-way crossing through the site and an 18% slope on the road leading into the community.

“We were thrilled to complete the community clubhouse and amenities earlier than promised. It is always our goal,” said Neighbors.

“Copper Ridge Apartments was developed for the modern renter who is more sophisticated and savvier than ever before,” said Kimi Medler, Copper Ridge property manager .

“From millennials to empty nesters, our residents are seeking more than a living space, but an entire lifestyle complete with luxury amenities and care-free living.  Together we have created an incredible sense of community, and our residents are consistently commenting on the incredible staff and experiences at Copper Ridge,” Medler added.

Since opening in July 2018, Copper Ridge has averaged 22 move-ins a month. Leasing remains strong with the development reaching stabilization in one year. Additional inquiries can be made through www.CopperRidgeKC.com.

View completed project photography and a progression of construction images on Neighbors Construction's website at http://www.neighborsconstruction.com/copper-ridge-apartments.

New hotel+apartment concept opens in Overland Park

Hospitality industry legend Jack DeBoer, founder of Residence Inn, Summerfield Suites and Candlewood Suites, has brought his new concept to the Kansas City area, the first of its kind in the market.

Oakwood WaterWalk is a collaboration between DeBoer’s WaterWalk, a unique development concept in the travel industry that combines the space and comfort of apartment living with the services of a hotel, and Oakwood, the premier global provider of furnished housing and serviced apartment solutions.

The gated community, located at 11200 Glenwood St. in Overland Park, Kansas, consists of two separate, four-story buildings - one with 78 all-inclusive unfurnished apartments and one with 75 furnished corporate units. Both have access to a full-range of amenities, including 24/7 onsite staff to take care of anything the guests may need.

With one, two, and three-bedroom apartments, business and individual travelers can book short- and long-term stays and choose from furnished or unfurnished suites.

“In researching emerging markets across the United States, we identified Overland Park as a top priority for growth and development. It’s an exceptional residential neighborhood with a need for more long-term accommodation options, but we also saw an opportunity to expand our short-term housing solutions in a high-traffic, business-dense area. With Oakwood WaterWalk, we can provide both,”said Mimi Rogers, WaterWalk president.

Oakwood WaterWalk pricing includes all utilities, high-speed internet, DirecTV cable television, and phone service for nightly or monthly rates. All guests can also enjoy an on-site fitness center, 24/7 front desk service, and full-size appliances (including in-room washer and dryer) while furnished corporate (Gold) units include a fully-equipped modern kitchen, breakfast delivery and housekeeping.

“Since we announced our strategic partnership, we’ve already seen a significant spike in interest from Oakwood customers and guests, as well as inquiring investors and franchisees,” said Mandeep Singh, Oakwood chief operating officer.

“The Oakwood WaterWalk model fully satisfies the wide spectrum of needs across the extended stay, multifamily and corporate housing segments, and investors are satisfied with the return on investment that is significantly above the hotel industry average – with much lower operating costs as well.,” Singh said.

The surrounding neighborhood includes a mixture of retail, restaurant, lodging, and office and provides easy access to arterial and freeway corridors for accessibility throughout the Kansas City metropolitan area.

“WaterWalk is headquartered in Wichita, and we’re proud to continue investing in and expanding across Kansas. It’s an exciting time for our company. We’ve opened six new locations in key markets across Kansas, Texas and Colorado, and we have a strong development pipeline,” said Rogers.

Oakwood, wholly owned by Mapletree Investments, celebrated the grand opening of its newest Oakwood WaterWalk property yesterday.

Wichita-based JACO Construction served as the contractor for the project; LK Architecture as architect; and WaterWalk RE Development Services LLC as the developer.

EPC's McKeen sees stability in KC multifamily market

By Marcia Charney | MWM Contributing Writer

Stable. Steady. Cautious. Opportunity.

Those are the words Mike McKeen is using these days to describe the state of Kansas City’s apartment market. The principal and president of EPC Real Estate Group, LLC spoke to a record-breaking crowd of more than 150 brokers and real estate professionals at the April meeting of the Kansas City chapter of CCIM. 

Areas that will continue to succeed in the multifamily market will have “charm, character and are walkable, with jobs in good proximity,” McKeen said, noting that strong players currently include Lenexa City Center, downtown Overland Park, Olathe, Mission; and downtown Kansas City, Missouri, which leads the area in multifamily development. 

The living preferences of Millennials are driving the market. Some of EPC’s current products are Millennial-based, including Avenue 80 in downtown Overland Park, where Millennials comprise 70 percent of the tenant base. Empty nesters, who no longer want to maintain their homes and are seeking to live life a little differently, are another growing tenant segment.  

McKeen discussed how e-commerce is changing multifamily development. With the explosion of package delivery, developers are installing electronic parcel delivery systems, which allow tenants to retrieve packages by entering a security code. McKeen said that without these delivery systems, the buildings would need a massive storage room for delivered packages and staff to monitor receipt and storage.

McKeen said that developers now have to consider for the first time the amenities and unit size that Generation Z wants. He stated that studio apartments are the “quickest thing to fly off our lists right now because they hit a certain price point of affordability but they also cater to that lifestyle of people who spend most of their time playing video games.” McKeen added that the amenity most requested by Gen Z is blackout shades for better game screen visibility. 

McKeen discussed the challenges currently facing multifamily developers which include a decline in the number of skilled craftsmen; the threat of tariffs, causing suppliers to raise prices to offset the impact of possible future tariffs on costs; future tax treatment; the passage of city ordinances which impact the use of development incentives; aging infrastructure; low supply and high demand, particularly for precast concrete products; and rising operating costs.

McKeen also recognized new opportunities for multifamily developers such as the creation of new inventory to meet the demands of Millennials and empty nesters, affordable housing, and opportunity zones. In addition, new product types like micro-units, which range in size from 350 to 500 square feet, are in high demand with rising rents.  

Noting that “site selection is everything now,” McKeen said the average occupancy of multifamily properties in the Kansas City area has remained steady, staying between 93 and 95 percent.