Cherry Tree Capital Partners grows its workforce housing portfolio in Kansas City through its $14M acquisition of Fountainhead Apartments
Newport Beach, CA (December 23, 2021) — Revitate Cherry Tree (“RevCT”) has acquired Fountainhead, a 112-unit community constructed in 1985 with majority of one-and-two-bedroom units in Kansas City’s Lee’s Summit and Overland Park submarkets. Residents enjoy the full-service clubhouse with its views from the fitness center overlooking a resort-style swimming pool and patio with grilling stations.
Lee’s Summit is home to Cerner Corporation, a healthcare IT firm, which has begun its 2nd phase of their $4.5 billion Innovations Campus. Cerner anticipates that over 16,000 new jobs will be added to the metro area over the next decade.
Kansas City Metro has seen population increase 15% since 2000 and is forecasted to continue to increase another 7.3% by 2025. Kansas City has experienced a robust economic growth spurt during the last five years. While the city has garnered attention from large companies for its better affordability and quality of life, individuals and renters alike have followed suit. Additionally, Kansas City ranked as a top five city for net migration in 2020.
About Cherry Tree Capital Partners
Founded in 2021, Cherry Tree Capital Partners is a niche real estate investment firm focused on acquisition, repositioning, management, and development of multifamily real estate across key markets in the United States. Headquartered in Newport Beach, our Principals have a 30+ year track record in the real estate space and bring billions of dollars of successful transactional and operational experience.