Sept. 27, 2022– Real estate investment, management and development firm Timberland Partners is pleased to announce the acquisition of The Element, formerly The Element by Watermark, in Kansas City, Mo. This is the fourth and final property acquired through Timberland Partners Apartment Fund IX (TPAF IX), a multi-asset investment fund launched earlier this year. TPAF IX held its final capital closing Sept. 26, 2022, raising a total of $85 million from its investor partners.
Built in 2021, The Element 276-unit property has spacious one, two and three-bedroom floor plans with modern conveniences, comfortable spaces and luxury resident perks. The homes have gourmet kitchens with new appliances, 9-foot ceilings, private balconies or patios and full-size washers and dryers. Select units feature private turf enclosures. Residents can relax in the clubhouse, host a party in the television lounge, relax in the spa, work out in the fitness center or resort-style swimming pool, grab coffee at the coffee bar or entertain family and friends at one of the outdoor picnic spaces, grilling stations or firepits. The Element is pet-friendly and boasts an on-site pet park and pet spa. There is also a dedicated parcel hub.
The property is conveniently located about 15 minutes northwest of downtown Kansas City off Interstate 29 and within walking distance of several shopping, dining and entertainment options. Bolstered by a strong and diverse economy, this submarket of Kansas City has seen significant population and employment growth in the past decade. There is more good news on the horizon. A new $1.5 billion airport will open in the area in early 2023 and Meta is building a $800 million data center nearby that will bring an additional 100 jobs to the community.
“The Element is a great fit with the rest of our portfolio. We think the growth taking place in this desirable submarket of north Kansas City presents a great opportunity for Timberland Partners,” said Brad Swenson, acquisition specialist for Timberland Partners. “With our property management team on site there is strong potential to capitalize on the positive momentum of this area.”
Timberland now owns five properties, totaling more than 1,200 apartment units, in the Kansas City area. In addition to The Element, the company also owns and manages The Retreat of Shawnee, Arcadia at Overland Park, The Park at Olathe Station and Reserve at Moonlight.
About Timberland Partners Minneapolis-based Timberland Partners now owns and manages a portfolio of 90 communities in 17 states, totaling over 20,000 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency, and honesty. To learn more visit www.TimberlandPartners.com