Revitate Cherry Tree has purchased its first three assets as a part of its debut multifamily fund launched in October 2021, which aims to acquire both workforce housing and value-add investments throughout the Midwest and Sunbelt.
The three properties – Prairie Place, Three Fountains, and Fountainhead – are located in Kansas and Kansas City. All are indicative of Cherry Tree’s strategy to acquire and preserve traditional workforce housing communities in growing markets that have consistent employment growth and positive net in-migration. The assets, all either built or renovated in the mid-to-late 1980’s, represent 353 total units and $51.5M in total purchase price.
“We’re thrilled to kick-off our debut fund with the acquisition of these three incredible assets. Prairie Place and the Fountains Portfolio are a great fit to allow us to engage our best-in-class asset management and operational services for the residents we are excited to serve.” said Revitate Cherry Tree Co-Founder and General Partner, Chris Marsh.
Additional details on each property:
Prairie Place: a 73-unit townhome-style multifamily community built in 1989 and partially renovated in 2017, located in the suburbs of Kansas’ Paola submarket.
Fountainhead and Three Fountains: a 280-unit, three-story buildings with exterior breezeways and varying set of one- and two-bedroom apartments built in 1985. Three Fountains is a unique mix of one-story ranch townhomes and a second phase of traditional townhomes with tuck-under garages. Both communities offer fitness centers and resort-style swimming pools.
With significant market and investor interest in the multifamily sector, the Revitate Cherry Tree team continues to evaluate a range of potential investment targets in both Midwest workforce housing and Sunbelt value-add housing segments. Additional closings are anticipated in the coming months.