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Cityscape Residential Closes on nearly $175 million in financing to develop four multifamily communities

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Multifamily real estate development and construction firm Cityscape Residential announces that it has recently closed nearly $175 million in joint venture financing in a round led by a long-term institutional equity partner, a private equity group and including funds from six commercial banks.

Continuing to expand its footprint across the Midwest, the four new communities further expand the Cityscape footprint in the Kansas City, Mo. metro area and also represent the firm’s second major transaction in the Louisville, Ky. Metro area.

In Kansas City, Mo., Cityscape has begun work on its 252-unit Summit on Quality Hill community and 138-unit Apex on Quality Hill community, located only a block away. Overlooking the confluence of the Missouri and Kansas Rivers, these communities are two blocks west of downtown Kansas City and are nestled with the historic Quality Hill neighborhood, the first luxury neighborhood of Kansas City in the 1870s. Located adjacent to the site of Kansas City’s new urban dog park, these pedestrian-friendly communities also feature underground garage parking, private terraces and sweeping views of the nearby river bottoms and of downtown Kansas City.

Also in urban Kansas City, Mo., Cityscape is beginning construction on a 221-unit Crossroads Westside community at the junction of the landmark Crossroads Arts District and the historic Westside neighborhood of downtown. A vibrant section of town known for its galleries, extensive dining and entertainment options and flourishing tech employment concentration, Crossroads is one of the signature districts of urban Kansas City and is located immediately south of downtown and north of the historic Union Station and Crown Center.

Cityscape’s second apartment community in Louisville, Ky. is the 300-unit Axis Apartments. Located near NuLu and a short walk from the restaurant and retail corridors of Bardstown Road, Frankfort Avenue and the Highlands, Axis Apartments is a nine-acre property that will offer first of its kind luxury and amenities in urban Louisville. To date, Axis Apartments ranks as the largest investment in an urban Louisville multifamily complex by an out-of-town developer.

“Our team is dedicated to developing Class-A, institutional-investor-quality, multifamily communities through strategic alliances with long-term capital relationships,” said Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to streamline deal structures and close quickly once a targeted project has been agreed upon, and this round of financing is an excellent example of the benefit of such alliances.”

In addition to these four communities, Cityscape has additional communities in development and planning throughout Indiana, Kentucky, Missouri and Kansas. In particular, Cityscape plans to start construction in mid-2016 on a 306-unit suburban Indianapolis community to be located in Plainfield, Ind., adjacent to the Shops at Perry Crossing lifestyle center. Cityscape has also commenced zoning approval for a 261-unit community with structured garage parking on the northeast side of Louisville. Ky., located near Brownsboro Road and the Paddock Shops, and has additional sites under contract in the Kansas City, Mo. market.

Article by Staff Writer RE Journals.com

More details surface on planned Brownsboro Road apartment complex

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A 261-unit apartment complex that will be built on about four acres off Brownsboro Road near the Gene Snyder Freeway will have an unorthodox design that its developer believes will fill a niche for Louisville’s East End.

Kelli Lawrence, a partner with Indianapolis-based Cityscape Residential LLC, told Louisville Business First Wednesday that the proposed apartment complex, on Simcoe Lane, should bring a taste of urban living to the Louisville suburbs.

The complex will have five floors of residential units and a four-floor parking garage in one 450,000-square-foot structure. The parking garage will stand in the middle of the complex and will be surrounded by apartments.

The plan calls for 142 one-bedroom units, 104 two-bedroom units and 15 three-bedroom units, Lawrence said. Rental rates have not been determined.  The development plan also shows a pool with a deck, a bocce ball court and nearly 10,000 square feet of courtyard space.  Read More

Bourbonism, ‘pent-up demand’ draw Indy developer to Louisville

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Indianapolis-based apartment developer Cityscape Residential has filed plans for its third apartment complex in Louisville.

“There’s a lot of great momentum for Louisville,” Kelli Lawrence, a partner with Cityscape, told Insider Louisville.

The city has received national attention for its bourbonism campaign, Lawrence said, and the downtown revitalization, development of new parks and positive employment numbers make Louisville attractive to Millennials — a key demographic for Cityscape.

She also noted that Louisville has developed more slowly than Indianapolis, which has caused the current “pent-up demand” for multifamily residences.

Cityscape’s latest project is a 251-unit apartment complex located on 4.5 acres of land between the Republic Bank and Springhurst Tennis Court on Simcoe Lane, near The Summit. The proposed building is five stories with a four-story parking garage in the center.

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Upscale apartments break ground near UPS, GE

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An Indiana company has broken ground on a $30 million apartment complex developers say will fill an upscale rental need south of the Snyder Freeway.

Cityscape Residential, based in Carmel, Ind., announced plans this spring to build a 300-unit complex near Commerce Crossing on Preston Highway, with hopes of opening the first of 13 buildings by early 2015, company partner Kelli Lawrence said. Read More

The Closing Bell via Insider Louisville

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Indy-based CityScape Residential is pushing forward with its second big Louisville project. CityScape Residential broke ground this week on The Apex on Preston Apartments in the South End near Commerce Crossing Business Center. This is one of two $30 million-plus Class-A apartment properties, the other being the Axis on Lexington, just east of NuLu and downtown.

Leasing for Apex will begin in late 2014/early 2015 with the first residents moving in come spring 2015. The project is expected to be fully completed by early 2016, according to a CityScape news release. Read More