Kendallwood & Rock Creek Apartments
368 Units | Gladstone, MO
Studio, One-, Two- & Three-Bedroom Apartments & Two- & Three-Bedroom Townhomes
Curry prioritizes and invests in property maintenance and improvements. Here is a “before” improvements image of Kendallwood Apartments in Gladstone, MO.
Complete renovation of exterior including new doors, windows and facade. Along with updates to the interior kitchens and bathrooms.
Kendallwood and Rock Creek Apartments in Gladstone, Missouri, are Curry Real Estate Services’ flagship multi-family assets built as part of a larger, mixed-used
community developed by Curry in the early 1970s. After 40 years it was time for a significant investment to improve performance and retain relevance for the next generation of renters.
CHALLENGES & SOLUTIONS
- To make renovating this 21-acre, 386-unit complex feasible, we had to develop a strategic financing plan that would deliver the best return on investment and the quality that is consistent with Curry’s values. Our team’s experience working with local governments allowed us to effectively negotiate receipt of tax incentives from the city of Gladstone, enabling the project to achieve the needed ROI.
- We had to renovate while residents continued to live in the units which meant finding and managing vendors who were appropriate for the scope and schedule of the project and who
made minimizing resident inconvenience a priority. Our staff worked closely with vendors to keep residents informed and up-to-date on the progress through various means including
in-person contact, calls, on-site signage and emails.
- Situated minutes from downtown Kansas City, Kendallwood and Rock Creek have long enjoyed the reputation of offering more space at below-market rents. Following the renovation, we needed a financial model to increase prices that would retain current residents and attract new ones. Full renovation of interiors was carried out only when a unit turned over, minimizing resident disruption while allowing a rent increase closer to market rate for new residents. Our legacy residents paid a smaller incremental increase per year.
Innovative cost management, strong vendor relations and exceptional resident communication resulted in Kendallwood and Rock Creek maintaining their historical 97-plus percent occupancy upon completion of the renovations, while increasing revenue by more than 10 percent in the first year. Furthermore, these apartments are on track to hit an annual revenue increase of more than 25 percent by year four.
The apartments’ exterior is Class A quality. Modern and energy saving features including energy efficient windows, doors and lighting delivered a cost savings to residents and reduced
property maintenance costs.
The new clubhouse with a theater, game room, business center, coffee bar and fitness center complements the community’s four pools, new picnic and park area that feature free entertainment for residents in both the clubhouse and the park.