The Residential Multi-Family Apartment Units Are Part of the Pacific Sands Fund A
Irvine, CA (January 30, 2020) – Pacific Sands Funds, a privately held real estate investment firm focused on the U.S. residential market, announced today the closing of two residential apartment portfolios in the Kansas City area. The first is Chouteau Heights, a 76-unit apartment complex in the Northeast Kansas City community of Sherwood Estates and the second is Villas of Loiret, a 46-unit townhouse community in Lenexa, Kansas.
The Villas of Loiret Townhomes were built in 1999-2003 and Pacific Sands plans to update the units by upgrading the kitchens and expanding the basement spaces. The Chouteau Heights complex includes seven 3-story brick buildings that were built in 1964 and both the exterior and interior of the units will be improved.
“The growth and affordability in Kansas City is key for us,” said Jim Shute, Managing Partner and Chief Operating Officer. “This allows us to make dramatic improvements and provide updated housing for local residents.”
Pacific Sands and its partners are focused on capitalizing on opportunities to invest in and improve stabilized multi-family properties in strong residential markets. As a result, these properties generate strong short-term cash flow as well as long term wealth potential through appreciation.
“Kansas City has become a unique investment opportunity for our clients,” said Ryan Mansour, Managing Partner and Chief Strategy Officer, “These two new properties are the first in what we expect to be an on-going investment strategy in the area.”
The Kansas City market is ideal for our investment,” said Nik Bringleson, Managing Partner and Chief Research Officer. “With national companies opening offices in the area and the strong and diverse employment opportunities, it makes perfect sense for our business.”
For more information about Pacific Sands, visit www.pacificsandsfunds.com.
Pacific Sands Funds is based in Irvine, CA and the principals have built a personal portfolio of over 500 units in Southern California, Las Vegas, St Louis, and Kansas City over the last 10 years. The principals of Pacific Sands have also raised four previous funds with an average of a mid-30% internal rate of return upon disposition.