Cherry Tree Capital Partners makes its debut acquisition in Prairie Place, a $9M acquisition, 73-unit townhome community in the suburbs of Paola, Kansas
Newport Beach, CA (December 16, 2021) — Revitate Cherry Tree (“RevCT”) has acquired Prairie Place Apartments, a 73-unit townhome style community in the suburbs of Paola, Kansas. The property will operate under the existing name.
The Property was built in 1989 and partially renovated in 2017. Located in the heart of Miami County, Paola is located ~35 miles south of Kansas City’s urban core. A true suburban submarket that has seen home prices soar 55% in the last year alone, Paola has seen very little development activity over the last few years as institutional capital continues to focus on Kansas City’s downtown submarket.
Historically a quiet market for development and institutional interest, 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.
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.