29th Street Capital acquired Lakewood Terrace, a 152-unit garden-style apartment community in Belton, Missouri, about 20 miles south of downtown Kansas City.
Built in 2002, the garden style community offers one-, two-, and three-bedroom floor plans averaging more than 1,025 square feet. The property serves residents in the growing Cass County submarket and features a clubhouse, swimming pool, fitness center, detached garages, and two playgrounds.
29th Street Capital plans to execute a comprehensive value-add business plan at the property. Approximately 50% of units were previously renovated by the seller, and 29SC intends to complete renovations across the remaining classic units using its standardized interior design package, including upgraded cabinetry, quartz countertops, modern lighting, stainless steel appliances, vinyl plank flooring, and refreshed bathrooms.
The acquisition was completed in continued partnership with Raith Capital Partners, reflecting a shared commitment to thoughtful investment and operational execution.
Lakewood Terrace marks 29SC’s fourth acquisition in the Kansas City market and reinforces the firm’s continued focus on suburban submarkets supported by employment growth, affordability dynamics, and limited new supply. The property benefits from proximity to major employment drivers along the I-49 corridor, including Honeywell’s Kansas City National Security Campus, which is undergoing a significant multi-year expansion, as well as Chewy’s regional distribution center and other logistics employers.
Lakewood Terrace will be operated by 29th Street Living, 29SC’s in-house property management platform, providing full operational oversight and execution consistency.
