Overland Park, Kan., & Louisville, Ky.—Multifamily real estate development and construction firm Cityscape Residential has closed nearly $82 million in joint venture financing over the last 90 days in a round led by two commercial banks and a long term institutional equity partner.
The funding will allow Cityscape to continue to expand its footprint across the Midwest with three new apartment communities.
In Kansas, Cityscape has broken ground on its 130-unit West End Flats at Prairiefire in Overland Park. The project is the second phase of construction at the Prairiefire master planned community following The Residences at Prairiefire, a 300-unit asset that opened in February and is nearing stabilization. In nearby Olathe, Kan., Cityscape is beginning to build a 228-unit property known as Greenwood Reserve, which is located on College Boulevard, an employment center within suburban Kansas City.
The $82 million investment has also allowed Cityscape to enter Louisville with the construction of Apex on Preston, a 312-unit asset. That project broke ground in July, and according to the developer, is the first of its kind in the area to offer top-of-the-line finishes and community amenities.
“Our team is dedicated to developing Class-A multifamily communities through strategic alliances with long-term institutional partners,” says Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to standardize 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 three projects, Cityscape has nearly 1,800 units under development throughout Indiana, Kentucky, Missouri and Kansas. Cityscape has plans for a second multi-million dollar apartment community in Louisville, Ky., called Axis Apartments, which will offer 300 units.
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