Minneapolis based Timberland Partners is pleased to announce the acquisition of The Retreat of Shawnee, located in Shawnee, Kansas. Founded in 1992, the company now owns and manages 69 apartment communities totaling 13,574 units in its portfolio spanning 14 states. This is the eighth property Timberland Partners owns in Kansas and is the sixth acquisition of the year.
The 342-unit acquisition was funded through Timberland Partners Fund VI and represents the seventh and final property from Fund VI. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multifamily real estate market.
Timberland Partners Acquisitions Specialist, Brad Swenson, said “The units have not been updated since the property was originally constructed; we feel there is upside in doing a moderate renovation along with updates to the common areas. We look forward to implementing a business plan that will further improve and modernize the community.”
The Retreat of Shawnee was built in 1984, and consists of one and two bedroom floorplans, hosting amenities such as an indoor/outdoor pool, fitness center and clubhouse. A $2.64 million improvement plan includes both exterior and unit renovations, and amenity renovations and additions.
The seller was represented by Jeff Stingley from CBRE’s Kansas City office.
About Timberland Partners
Timberland Partners is a real estate investment and management firm which currently owns 13,574 apartments in 14 states.