JLL Capital Markets announced that it has arranged a $12.7 million equity investment for the construction of Waldo District, an approximate 283-unit, Class A multifamily community in the Waldo neighborhood of Kansas City, Missouri.
JLL worked on behalf of the borrower, EPC Real Estate Group, to secure the equity investment with a national fund manager.
Designed by architect BRR, Waldo District will consist of six-story building housing approximately 284 residential units and 12,494 square feet of retail with structured parking. Units will be finished with marble countertops, stainless steel appliances, full-size washer/dryers, modern tiled tubs or showers, smart locks, smart thermostats, walk-in closets, LED lighting and balconies in select units.
The 2.68-acre parcel at 7421 Broadway Street is currently improved with a warehouse, car wash and the recently closed Well Bar and Grill, which intends on relocating to the retail space on site. The property is located in the heart of the Waldo neighborhood, just 6.8 miles south of Downtown Kansas City. The immediate area boasts more than 1.2 million square feet of restaurants, shops and bars that are all easily walkable from Waldo District. In addition, residents have access to the Harry-Wiggins Trolley Track Trail and easy access to major roadways, including Interstates 71 and 169 providing connectivity to the greater Kansas City area.
“This development will seamlessly integrate into the existing fabric of the neighborhood, while embracing Waldo’s own unique character,” said Austin Bradley, Executive Vice President at EPC Real Estate Group. “We look forward to delivering an unmatched urban lifestyle offering at one of the most transit oriented and walkable sites in the city.”
The JLL Capital Markets team was led by Managing Director Mark Erland and Director Kevin Barron.
“EPC Real Estate Group is delivering much needed Class A multi-housing product to a growing neighborhood that currently has zero Class A projects planned or delivered and the existing stock has an average vintage of 1973,” added Barron. “The community’s popular location and its proximity to the Country Club Plaza, while being a short drive to employment in Overland Park will appeal to young professionals and families seeking a trendy, urban feel while also being adjacent to some of the best residential neighborhoods in the metro.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
