Minneapolis-based Timberland Partners acquired The Retreat of Shawnee, a multifamily development in Shawnee, Kansas.
Timberland now owns and manages 69 apartment communities totaling 13,574 units in its portfolio spanning 14 states. This is the eighth property Timberland Partners owns in Kansas and is the sixth acquisition of the year.
The 342-unit acquisition was funded through Timberland Partners Fund VI and represents the seventh and final property from Fund VI.
The Retreat of Shawnee was built in 1984, and consists of one- and two-bedroom floorplans, hosting amenities such as an indoor/outdoor pool, fitness center and clubhouse. A $2.64 million improvement plan includes both exterior and unit renovations, and amenity renovations and additions.
The seller was represented by Jeff Stingley from CBRE’s Kansas City office.