Project
Acquisition, renovation, and remarketing of the Stonewood garden apartments community in Kansas City, Missouri.

Location
In southeast Kansas City at 86th Terrace and Blue Ridge Cutoff.

Project Scope
A total of 87 one, two, and three bedroom units on a four-acre site, with a total acquisition and renovation budget of $1,600,000.

Challenges
Years of deferred maintenance and inattentive management had allowed the Stonewood apartments to slip into abysmal conditions. The city had condemned the property, and it was boarded-up and surrounded by a steel mesh fence. Extensive renovation would be necessary.

Opportunities
With a strategic location comfortably near Kansas City's perimeter highway (Interstate 435), the Stonewood Apartments are minutes away from downtown and the city's historic Country Club Plaza and its prestigious Crown Center development area, and only a quick jaunt from other parts of town. A local shopping mall is only a five-block stroll away, and the area is served by the Raytown School District. Individual units ranged in size from 780 square feet to 924 square feet to more than 1,000 square feet, with modern floor plans, private balconies, and individual patio storage spaces. The clubhouse needed remodeling but had potential. A preliminary condition assessment by Kohner determined that mechanical systems in the complex were in sound shape.

Solution
Kohner Properties renovated the entire complex, its electrical and mechanical systems, all 87 rental units, and the clubhouse. The work included all new kitchens, all new interior finishes, and bright new exterior siding. New landscaping, new signage, and new exterior lighting systems were also provided to help call attention to the transformation. Cost effective renovation approaches implemented by Kohner's in-house construction management team made it possible to hold the rents at attractively low levels: $470 for a one bedroom unit and $700 for a three bedroom apartment. With the transformation visible throughout the area, Stonewood has quickly become a sought-after garden apartment address.

Outcome
Kohner's extensive renovation rescued this vacant, condemned property and Stonewood now boasts an occupancy rate of 100 percent. Leasing response was immediately strong and Stonewood is producing a dependable revenue stream of more than $400,000 annually.

Community Impacts
Stonewood has been transformed from an undesirable vacant property to a sought-after garden apartment community which attracts a stable base of long term residents.