A California private real estate investment firm bought a second apartment community in Independence.
Although the sale was recently announced, Irvine-based Pacific Sands Funds closed escrow on the two-building, three-story, 54-unit structure in December 2020 for about $3 million, according to its website. The buildings, located at 1105 S. Brookside Ave., have one- and two-bedroom apartments.
“We were able to jump on this property thanks to Keiten Nuspl of Zeal Property Advisors,” said Jim Shute, senior managing partner operations for Pacific Sands Funds, said in a recent release. “Having local relationships in the Kansas City area means we can identify the best opportunities for our investors.”
Zeal Property Advisors is an Overland Park-based investment sales brokerage team.
Pacific Sands plans to spend about $300,000 upgrading the exterior facade, repaving the parking lot, and renovating some kitchens and bathrooms, a spokeswoman said. Geoff Kudlacz, the Midwest operations partner and asset manager at Pacific Sands, will oversee the project, which should be complete by July.
Pacific Sands has another apartment community in Independence called Oxford Commons, located at 12407 E. 43rd St. S.
The firm also owns these three local properties:
- Cambridge Commons: a 76-unit property near Gladstone.
- Villas of Loiret: a 50-unit property in Lenexa.
- Mercier: a 16-unit property in the West Plaza neighborhood of Kansas City.
The firm and its principals have built up a portfolio of more than 500 units in Southern California, Kansas City, Wichita and St. Louis during the past 10 years.