A yearlong, $1.7 million renovation of the Whispering Lake apartment complex in east Kansas City has updated the common areas and residential units at the lakefront community.
New owners L5 Investments and BH Equities, which specialize in multifamily property ownership and management, said their investments stabilized the 17-building property, which was built in 1989. The property was purchased in May 2015.
“Our completed renovation and lakefront upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a private firm based in California.
The development at 10415 E. 43rd St. is built on 8.19 acres next to an 18-acre lake that is one of the amenities available for tenants.
The complex, now at 95 percent occupancy, has 384 units in a mix of one- and two-bedroom apartments that rent for between $615 and $896 a month depending on floor plan and location, according to information on the Whispering Lake website.
Flaherty said the renovations were part of a “strategic repositioning” that was “already realizing market rents” for higher-quality rental housing in east Kansas City.
The changes included upgrades to appliances, a swimming pool, a clubhouse, a fitness center, a lake dock and the addition of a playground, dog park, and community event and barbecue area.
The property is managed by BH Management Services, based in Des Moines.