Taurus Investment Holdings is completing its first Kansas City-area multifamily development, the 328-unit Kinsley Forest Apartments in the Northland, and is planning to develop hundreds more units plus commercial space in that submarket.
A May 24 grand opening and ribbon-cutting ceremony has been scheduled at Kinsley Forest Apartments, which is situated on the southwest corner of U.S. Highway 169 and Englewood Road, by Taurus and its multifamily joint partner, Philmore Real Estate Investments.
"Taurus has grown its multifamily portfolio over the past three years, and we are excited to add Kinsley Forest Apartments to the nearly 2,500 units we own and manage across the U.S.," Taurus CEO Peter Merrigan said in a release. "The early success of this community further validates our confidence in the Northland and supports our future expansion plans in the community."
Established in Germany in 1976, Boston-based Taurus is an active deal participant in 30 markets around the world.
Merrigan said the partners plan to continue development on the Kinsley Forest site, including two more apartment phases housing 800 units, plus complementary commercial uses such as a hotel, restaurants, self-storage and other uses.
"Together with PhilMor, we are pleased to have Kansas City on our map." Merrigan added.
Another one of Taurus’ partners at Kinsley Forest is Riverside-based NorthPoint Development, which has been engaged to manage the Kinsley Forest community. Leasing began last summer at the Class A property, which already has reached 75 percent occupancy due to the popularity of the site, which lies short distances from both Downtown and Kansas City International Airport.
To celebrate the new luxury apartment community, the development partnership will host a reception and tours of property between 4:45 p.m. and 6:30 p.m. on May 24. The event will kick off with a ribbon-cutting ceremony conducted by the Northland Regional Chamber of Commerce and will also include hors d’oeuvres, cocktails and live entertainment.
Taurus broke ground on the 328-unit, six-building apartment phase in the summer of 2016. At that time, Allen Peacock, Taurus’ vice president of U.S. development, said his firm had owned the Northland site for more than a decade and decided it made sense to start developing it.
Taurus originally acquired 160 acres near Englewood and Highway 169 but it sold 50 acres to Pulte Homes in 2005 for single-family and townhome development.
The Kansas City Planning Commission subsequently approved plans for Kinsley Forest’s first apartment phase, and Mutual of Omaha Bank approved a $29.5 million loan for the project.
MW Builders, which has local offices in Lenexa, is the general contractor for the first phase. Other members of the construction team include Olsson Associates, civil engineers; and The Hill Firm, a Fort Smith, Ark.-based architecture firm.