Multifamily real estate development and construction firm Cityscape Residential announces that it has recently closed nearly $175 million in joint venture financing in a round led by a long-term institutional equity partner, a private equity group and including funds from six commercial banks.
Continuing to expand its footprint across the Midwest, the four new communities further expand the Cityscape footprint in the Kansas City, Mo. metro area and also represent the firm’s second major transaction in the Louisville, Ky. Metro area.
In Kansas City, Mo., Cityscape has begun work on its 252-unit Summit on Quality Hill community and 138-unit Apex on Quality Hill community, located only a block away. Overlooking the confluence of the Missouri and Kansas Rivers, these communities are two blocks west of downtown Kansas City and are nestled with the historic Quality Hill neighborhood, the first luxury neighborhood of Kansas City in the 1870s. Located adjacent to the site of Kansas City’s new urban dog park, these pedestrian-friendly communities also feature underground garage parking, private terraces and sweeping views of the nearby river bottoms and of downtown Kansas City.
Also in urban Kansas City, Mo., Cityscape is beginning construction on a 221-unit Crossroads Westside community at the junction of the landmark Crossroads Arts District and the historic Westside neighborhood of downtown. A vibrant section of town known for its galleries, extensive dining and entertainment options and flourishing tech employment concentration, Crossroads is one of the signature districts of urban Kansas City and is located immediately south of downtown and north of the historic Union Station and Crown Center.
Cityscape’s second apartment community in Louisville, Ky. is the 300-unit Axis Apartments. Located near NuLu and a short walk from the restaurant and retail corridors of Bardstown Road, Frankfort Avenue and the Highlands, Axis Apartments is a nine-acre property that will offer first of its kind luxury and amenities in urban Louisville. To date, Axis Apartments ranks as the largest investment in an urban Louisville multifamily complex by an out-of-town developer.
“Our team is dedicated to developing Class-A, institutional-investor-quality, multifamily communities through strategic alliances with long-term capital relationships,” said Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to streamline deal structures and close quickly once a targeted project has been agreed upon, and this round of financing is an excellent example of the benefit of such alliances.”
In addition to these four communities, Cityscape has additional communities in development and planning throughout Indiana, Kentucky, Missouri and Kansas. In particular, Cityscape plans to start construction in mid-2016 on a 306-unit suburban Indianapolis community to be located in Plainfield, Ind., adjacent to the Shops at Perry Crossing lifestyle center. Cityscape has also commenced zoning approval for a 261-unit community with structured garage parking on the northeast side of Louisville. Ky., located near Brownsboro Road and the Paddock Shops, and has additional sites under contract in the Kansas City, Mo. market.