Block Real Estate gets $21M equity for apartment development
JLL arranged the partnership for the Class A project in Overland Park, the most affluent submarket in Kansas
KANSAS CITY, Kan., June 22, 2020 – JLL Capital Markets announced today that it has arranged $21 million in joint venture equity for the development of The Residences at Galleria, a 322-unit, Class A, podium multi-housing community in the suburban Kansas City community of Overland Park, Kansas.
JLL worked on behalf of the developer, Block Real Estate Services, LLC (“BRES”), to arrange the joint venture equity partnership with Hartford Investment Management Company (“HIMCO”).
The shovel-ready, 5.74-acre site is at 11450 Outlook St. is directly adjacent to Sprint World Headquarters in Overland Park, the most affluent submarket in the state of Kansas. The project site, which was sourced directly from Sprint, is part of the broader mixed-use Galleria 115 master-planned development that, when complete, will include approximately 70,000 square feet of office and 200,000 square feet of retail space in addition to 548 multi-housing units, including the subject property. The property is walkable to five upscale retail centers, national grocers and ample restaurant options.
The Residences at Galleria’s mix of one-, two- and three-bedroom units will average 927 square feet and will feature high ceilings, large walk-in closets with custom shelving, highly upgraded kitchens with upgraded appliances and European-style cabinets, outdoor terraces, modern white granite countertops, full-sized washer and dryer in units, double-paned windows and more. The project will feature the best community amenities offered in the submarket and include a large resort-style swimming pool with shallow ledge features; pool deck with cabanas, hot tub, sports courts and water features; fitness center with Peloton bikes, massage therapy and virtual training; outdoor group fitness areas; clubhouse with fireplace, game room and social media room; executive business center; dog park and pet spa; and available garage and covered parking. The project is expected to deliver in 2022.
“Galleria will be BRES’ most exciting project to date, building on our successful experiences with this high-end podium product, which allows for a large outdoor amenity deck and other amenities that are unique in this market,” said Ken Block, BRES Managing Principal. “We are excited to partner with HIMCO on this project, and, from the beginning of discussions with them, it was clear that we had a shared vision for the quality of this project and its high-demographics location within Overland Park.”
The JLL Capital Markets Debt Placement team representing the borrower was led by Executive Managing Director Jody Thornton, Senior Director Mark Erland, Director Matt Benson and Analyst Kellan Liem.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Block Real Estate Services, LLC
Block Real Estate Services, LLC (“BRES”) is a full-service commercial real estate company managing over 43 million square feet of retail, office and industrial properties and affiliate Block Multifamily Group manages 7,350 multifamily units for equity partnerships and third-party owners. BRES’s portfolio of services continues its role as the most comprehensive commercial real estate firm in Kansas City by providing and specializing in: real estate brokerage services, tenant representation, investment services, asset and property management, economic incentives consultation, financial services, construction and development services and the Block Funds.
Hartford Investment Management Company (HIMCO) has been providing investment advice for over 35 years. With more than 130 investment professionals and approximately $95 billion in assets under management across the fixed income, equity and alternatives markets, HIMCO delivers tailored strategies to insurance companies as well as retail and institutional clients.
HIMCO’s investment philosophy is centered on the belief that markets often overreact and risk can become mispriced at the global, interest rate, inflation, sector and security levels. Identifying and exploiting these relative-value opportunities can be key to delivering consistent risk-adjusted returns.
The company utilizes a balanced top-down, bottom up investment process, with macro strategy, sector rotation and security selection as the three main sources of performance. A consistent quantitative framework in conjunction with qualitative inputs and disciplined fundamental analysis inform portfolio construction. Finally, risk management is integrated into its process to help achieve consistent outcomes.
HIMCO’s broad capability set allows it to customize strategies for individual client needs while navigating various market environments. The company offers holistic as well as sector-specific capabilities to enhance your portfolio.