JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it has acquired Apex on Quality Hill, a 138-unit luxury apartment community in downtown Kansas City, Mo. JVM Management will manage the community.
Constructed last year, the amenity-rich community is located in Quality Hill, a revitalized historic neighborhood just west of Kansas City's central business and financial district; the neighborhood sits on a 200-foot-high bluff overlooking the West Bottoms area. The neighborhood also is near both the popular Power & Light District – which includes The Sprint Center, the Kansas City Convention Center, and an array of dining and entertainment establishments – and the Crossroads Art District, which features a charming, funky mixture of boutique shops, restaurants and art galleries. Furthermore, KC Streetcar, a popular free-to-ride streetcar system, is just a few blocks away from the apartment community.
JVM also owns and manages Apex's sister property, the 252-unit Summit on Quality Hill, which is located a block away.
"We could not be more excited about the addition of Apex on Quality Hill to our portfolio," said Jay Madary, president and CEO of JVM. It's a great combination: a best-in-class property in a thriving submarket. "The future of this community is exceedingly bright, as it's perfectly positioned to deliver the highly amenitized, walkable, intown living experience so highly sought by much of today's renters. Combine these factors with our management expertise, and we are confident this community will deliver optimized property performance and value to our investors and residents."
Two of JVM's equity funds – Fund 6 and Premier Fund II – are invested in Apex on Summit Hill and its sister community. The funds, whose investors include high net worth individuals, trusts and insurance companies, closed late last year. Combined, the funds raised $109 million and are co-invested in a total of five communities in Indianapolis, Kansas City and suburban Chicago. Premier Fund II also is invested in an additional community in Aurora, Ill.
The pet-friendly Apex on Quality Hill has all of the amenities an urban professional would want, including a resort-style pool; state-of-the-art fitness center; AT&T, Google and Spectrum internet connections; heated garage parking; electric car charging stations; 24-hour electronic package delivery system; and dry cleaning pick-up/drop-off service.
The community offers one- and two-bedroom apartment homes. The units feature granite countertops in bathrooms and kitchens, sophisticated faux wood floors in all living areas, front-load washers and dryers, large private patios and balconies, designer tile backsplashes, dishwashers and stainless steel appliances.