Lenexa Pointe Apartments has new owners who are planning an extensive renovation of the 289-unit complex.
A partnership between L5 Investments and BH Equities acquired Lenexa Pointe earlier this month for $17.75 million from a private investor. The 20.5-acre property is located at 12000 W. 77th Terr.
Lenexa Pointe was built in 1972, and has not been renovated since 1992, the new owners said in a statement. The complex includes 145 one-bedroom units, and 144 two-bedroom units. Common areas include a swimming pool and clubhouse.
The new owners said they are planning a $6 million renovation of the complex, including construction of a business and fitness center, landscaping enhancements, new lighting and exterior signage.
Most of the units will also be upgraded, with new flooring, cabinets, counters, lighting, fixtures, appliances, and washers and dryers, the owners said.
The property will be managed by BH Management Services, the property management arm of BH Equities.
Dustin Dulin, with JLL, arranged financing for the partnership. Brandon Grisham, with CBRE, brokered the deal with the buyer and seller.