Block Real Estate Services and The Carlyle Group Team up to Develop Multifamily Community in Overland Park, Kansas
344-unit multifamily property to begin construction immediately at CityPlace in Overland Park, Kansas as part of a joint venture between The Carlyle Group and Block Real Estate Services
Kansas City, MO --- May 21, 2015 --- Block Real Estate Services, LLC (BRES), a Kansas City-based full service commercial real estate firm specializing in brokerage services, property management, and development, announced today their joint venture with The Carlyle Group on the development of The Residences at CityPlace, a 344-unit planned multifamily community within the CityPlace development in Overland Park, Kansas. The CityPlace development is a ten-phase mixed-use master plan development comprised of a total of 95-acres at the southwest corner of College Boulevard and Highway 69. The development will include apartments, retail, office and senior housing. BRES will provide development and management services at the project.
The Residences at CityPlace will consist of micro, one and two bedroom units ranging in size from 468 to 2,023 square feet. The apartment homes will include Class A+ finishes featuring gourmet island kitchens, quartz countertops, walk-in closets with custom shelving, large outdoor terraces, full-sized washers/dryers and attached garage parking. Community amenities include an oversized resort-style pool and hot tub, fire pit, covered grill and TV area, a fitness center with fiber-connected equipment, coffee bar, library, game room, social media/theatre room, secure covered parking, dog park, bike stations, Wi-Fi throughout and access to the 17-mile Indian Creek Trail system.
BRES will continue to seek out top tier multifamily development opportunities, an effort being directed by Aaron Mesmer, a Principal with Block Funds (firstname.lastname@example.org). “This exciting joint venture will allow for an accelerated pace of development within CityPlace and is reflective of the strong institutional interest in this truly one of a kind development,” said Ken Block, Managing Principal of BRES.
"The Overland Park rental market remains incredibly strong as a result of regional job and population growth, making The Residences at CityPlace a perfect fit with our multifamily development strategy," said Adam Buchwald, a Principal with The Carlyle Group. "We are quite pleased to enter Kansas City and partner with a market leader like BRES to deliver a quality, high-performing residential community in a mixed use setting."
The Residences at CityPlace will be managed by Block Multifamily Group (BMG), a national multifamily management services company. Bill Larson, President of BMG, believes “BMG will bring aggressive management and marketing strategies, along with a world class facilities management team to this exciting project, resulting in a state-of-the-art property management operation.”
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $193 billion of assets under management across 130 funds and 156 fund of funds vehicles as of March 31, 2015. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 40 offices across six continents.
For more information contact:
Bill Larson, CPM
Block Multifamily Group
Kenneth G. Block, SIOR, CCIM
Block Real Estate Services