JLL Arranges $26M in Equity for Kansas City Mixed-Use Development
JLL has arranged a $26.4 million joint venture equity placement for The Rocks, a 287-unit mixed-use development in Roeland Park, Kansas, within the greater Kansas City MSA.
JLL’s client was EPC Real Estate Group, in facilitating the equity placement with an institutional opportunity fund investor. JLL Capital Market’s Equity Placement team was led by Managing Director Mark Erland, Director Kevin Barron and Senior Analyst Ellie Savage.
The Rocks will feature a four- and five-story wood frame wrap design encompassing approximately 273 market-rate multifamily units, 14 affordable multifamily units and a 5,000-square-foot ground-floor restaurant. Situated on a 7.58-acre site, the development will include approximately 350 parking stalls and offer studios, one- and two-bedroom apartments.
The project represents the area’s first multifamily development built in 60 years and benefits from a substantial incentive package including a 20-year pay-off TIF, sales tax exemption on construction materials and a 2% CID totaling approximately $18.1 million. The development has received full entitlements and successful rezoning approval from the City of Roeland Park.
Photo credit: DLR Group
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout