OVERLAND PARK, KS – Freshwater Investments, in partnership with Griffis / Blessing, Inc., has completed the acquisition of Savoy Luxury Apartments in Overland Park, Kansas.
The Savoy Luxury Apartments were built in 2002 and consist of 254 apartment buildings with five floor plans and an average living area of 1,224 SF. The property is ideally located in Johnson County, one of the region's top performing submarkets. It is minutes from major thoroughfares, easily accessible to many major employers, and close to the award-winning Overland Park schools.
“After seeing a massive exodus from the costly coastal cities, we were looking for markets that were expanding, vibrant, and still affordable, and Greater Kansas City is for you. Johnson County is one of the fastest growing counties in the country, ”said Alex Rozenfeld, founder and managing partner of Freshwater Investments. “I really enjoyed my visit to Overland Park as it has the atmosphere of an optimistic 'happening' place. It is very stimulating to enter the new market and our investors have responded with enthusiasm to this new apartment building investment opportunity. Savoy is our second acquisition in partnership with Griffis / Blessing and we value our longstanding relationship very much. As always, such an acquisition is the result of a tremendous effort on the part of many players and I am grateful to everyone who helped make it to the finish line. "
“Our strategic plan is to improve the interior of the unit, including new fittings and improved quality of life and privacy outdoors. We plan to renovate the clubhouse and give the pool area a resort feel, ”said William J. Hybl, Jr., President and COO of Griffis / Blessing.
Mac Crowther and Whittaker Potts' Newmark team brokered the transaction.
Source: Freshwater investment