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KANSAS CITY, MO-NDC Capital Partners LLC and Juniper Investment Group Inc. have purchased two suburban apartment complexes totaling 442 units. The properties, which are financed with a tax-exempt bond facility, are the 90-unit Antioch Woods in Overland Park and the 352-unit Sedona Point in Shawnee. The seller was AIG Sun America, which originally purchased the properties just more than a decade ago.

Todd Cather, an NDC partner, says the new owners plan to pump about $2 million to update the class B-/C+ properties, which were built in the early 1970s and last renovated in the mid 1990s. The improvement plan at Sedona Point, where many interior upgrades were completed during the last renovation, includes exterior work and the enhancement of community amenities. At Antioch Woods, the apartment units will undergo a variety of upgrades, including bathroom renovations and the installation of new kitchen utilities and washer and dryer hook-ups. The planned renovations are expected to upgrade Antioch Woods and Sedona Point to class B properties, Cather says.

Both properties are located in Johnson County, one of the most affluent and fastest growing areas in the Kansas City metropolitan area, Cather says. The company's other asset in the market is Point West, a 172-unit class B complex in Lenexa. NDC teamed up with Dunes Residential to buy that property last November. "We're really high on Johnson County," he says. "I think it's been overlooked by the capital markets."

Cather declined to release the acquisition price for Antioch Woods and Sedona Point, which are low-income housing tax credit properties. Sedona Point is currently 88% occupied, and Antioch Woods has just a 3% vacancy.

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NDC, Juniper Buy 442 Apartment Units From AIG

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