Taurus Investment Holdings, LLC is presenting an attractive opportunity to develop a 332-unit Class-A multifamily residential community located in Kansas City, MO. The parcel is located at the southwest intersection of State Highway 169 and Englewood Road in Kansas City, Missouri. Strong market dynamics, low vacancy and high absorption rates for residential properties indicate a shortage of Class-A rental units in the Kansas City market. The Property is part of a 111-acre site, acquired in 2012, that is currently owned by Kinsley LP, a Taurus entity. The market has now recovered to support new multifamily development in this submarket. The entire 111-acre site is zoned for over 1,000 apartment units and 158,000 square feet of commercial space.
- Strong Location: The site borders Highway 169 and Interstate Highway 29 offering direct access to downtown Kansas City (less than 15 min) and to Kansas City International Airport (less than 20 minutes).
- Permit Ready: The parcel has already been permitted and the Partnership is in the process of finalizing the complete set of design drawings including engineering, architectural and site development plans, which is expected to shorten the timeframe, allowing the Partnership to more quickly deliver product to the market.
- Strong, Stable Market: Kansas City has exhibited strong absorption rates for residential rental properties. The demand for new residential product has been solid, keeping the metro’s occupancy rate high. Despite increasing new property supply in 2014, strong absorption rates kept pace supporting the development of new product.