For those who have forgotten . . .
Overland Park was once the promised land for metro families who were fortunate enough to be able to afford decent homes and enjoy great schools.
That history is fading quickly.
The future . . . Fancy motel-like apartment living with no real community or ownership.
To be fair, the digs are swanky and provide a bit of proof that in the future you'll own nothing and be happy.
Today's example . . .
A local real estate deal offers a peek at the plan in the making . . .
Hunt Midwest sold The Vue to Illinois-based JVM Realty earlier this month for an undisclosed price. The project, at 7201 . 80th St., includes 219 apartment units with 10,000 square feet of commercial and retail space.
As part of the deal, JVM assumed Hunt Midwest's rights and incentives for the project, including the right to collect all future tax increment financing and community improvement district reimbursements.
The Vue is JVM’s first property in Kansas. The company owns and manages 19 apartment communities throughout Illinois, Indiana, Wisconsin and Missouri, including seven Kansas City-area properties on the Missouri side of state line.
Investors, both regionally and nationally, increasingly are interested in multifamily asset in the Kansas City metro area. Reynolds said JVM was interested in The Vue’s wide tenant demographics, from young professionals to empty nesters, in addition to capitalizing on rising rents.
Read more via www.TonysKansasCity.com link . . .
Having attracted residents, retailers and a buyer to The Vue in downtown Overland Park, Hunt Midwest is ready to do it all again with another project. "We've held it for a short while, but we're constantly growing, and this is an opportunity to bring cash in, and redeploy this money into additional projects," Hunt Midwest President and CEO Ora Reynolds said.