Hunt Midwest and Park Place Partners have sold The Fairways at City Center in Lenexa, Kansas, to Griffis/Blessing, Inc. out of Colorado Springs, Colorado, for $45.2 million, at a Kansas City metro record price of $565,000 a unit. Hunt Midwest and Park Place Partners completed construction on the 80-twin villa, fully leased, build-for-rent community in early 2020.
Hunt Midwest and Park Place Partners developed The Fairways as the Kansas City Metro’s first luxury rental villa community located on a golf course. Situated next to Canyon Farms Golf Course and within walking distance to Lenexa City Center, The Fairways residents have premium views and access to a growing mix of retail and civic amenities.
Consisting of 17.46 acres, the community features villas with 2,289 square feet of finished floor space across two levels, a first-floor master bedroom, and two additional bedrooms and living space in the basement. Each villa has a two-car attached garage, extensive storage, and a mix of basement types including normal, daylight, and walk-out.
The Fairway Villas was Hunt Midwest’s first build-for-rent villa community. The build-for-rent market has seen continued growth each year across the nation due to a shortage of affordable housing, which has in part been caused by underbuilding following the global financial crisis. The renters-by-choice segment has also seen an increase in renters of all ages who want a yard and a garage, driving greater demand in the build-for-rent market.
