A newly launched joint venture of two out-of-town commercial real estate firms has ridden the multifamily investment waves into Kansas City with its acquisition of a 14-story apartment complex in central Downtown.
PVI Walnut LLC, which includes Waimea, Hawaii-based Infinite Waters and Denver-based Peakview Investments on Sept. 16 acquired the Walnut Tower Apartments at 722 Walnut St. from Burlington Capital, of Omaha, for an undisclosed sum.
JLL Capital Markets represented the entity in securing a $13.29 million interest-only, fixed-rate loan through Freddie Mac Multifamily, to be serviced by JLL Real Estate Capital LLC.
Completed in 1963 and renovated in 2012, the Walnut Tower Apartments consist of 180 Class B studio, one- and two-bedroom apartments. Its amenities include a clubhouse, roof terrace with cityscape views, fitness center, lounge, package service and controlled access.
Infinite Waters and Peakview Investments eye a comprehensive business plan — with renovations to unit interiors, common area activation and a change of management — to “further position Walnut Tower as the premier attainable housing community in downtown Kansas City,” according to a recent release from JLL.
“The asset and its position in the market really resonated with our acquisition criteria and investors,” Infinite Waters Principal Josh Simon said in the release. “We are eager to start executing our business plan and enhancing our residents’ home experience.”
The JLL Capital Markets Debt Advisory team that represented PVI Walnut LLC was led by Director William Haass of the firm’s Denver office.
“JLL helped us navigate these choppy capital markets by laying out all our financing options to ensure we were in position to make calculated investment and financing decisions that aligned with our business plan on Walnut Tower,” Jonathan Polster, founder and principal of Peakview Investments, said in the release.
A team of TJ Wahl, Matt Ledom, Harry Trotter, Jake Sullivan, Thomas Skevington, Michael Sullivan and Alex Blagojevich, all with Mid-Markets Group Real Estate Advisors (MMG), represented Burlington Capital as brokers in the transaction.
The Walnut Tower Apartments sit just south of Interstate 70 from the River Market and within walking distance of multiple future development sites, including the block southwest 10th and Main streets, where Live and Ride Partners KC LLC plans a transit-oriented high-rise. It’s also close to sites along Grand Boulevard between Eighth and 10th streets, where adaptive reuse projects have been proposed for the historic Rialto, Scarritt and former Federal Reserve buildings. In addition, a streetcar stop is a half-block away.
Since its 2010 inception, Infinite Waters’ real estate portfolio has grown to 40 properties totaling over 9,000 multifamily units and more than 450,000 industrial square feet across 13 states, according to its website.
Peakview Investments was founded in 2021. Its Walnut Tower Apartments deal marks its second value-add transaction in the last 14 months.
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