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29th Street Capital buys 161-unit townhome community in Olathe, Kansas
The acquisition includes a capital improvement program and adds to 29th Street Capital’s Kansas City metro portfolio.
29th Street Capital (29SC) has acquired Chestnut Heights Townhomes, a 161-unit townhome community in Olathe, Kansas, according to ConnectCRE. The property will be managed by 29th Street Living, the company’s property management platform.
29SC partnered with Basis Investment Group’s BIG Equity Value-Add Fund II for LP equity to finance the acquisition and related work. The community is in Johnson County and offers two- and three-bedroom townhomes averaging about 1,300 square feet.
ConnectCRE said 29SC plans to continue investing in the property through a capital improvement program. The deal is also described as an expansion of 29th Street Capital’s Kansas City metro portfolio, aligned with its strategy of acquiring assets in established suburban markets.
In remarks included with the coverage, 29SC’s Vice President of Acquisitions, Matt Compton, said Chestnut Heights is a fit for the firm’s long-term strategy, citing the differentiated townhome product, spacious floor plans, and the Johnson County location.