Equity placement secured for new multifamily development in De Soto, Kansas

DENVER, Jun. 23, 2025 – JLL Capital Markets announced today that it has arranged equity placement for The Residences at Lexington, a 382-unit garden-style multifamily development project in De Soto, Kansas.

JLL represented Alcove Development. The investor was Red Starr Investments.

The Residences at Lexington, located at 34040 W 90th Cir., is strategically positioned close to both the new 4.7 million-square-foot Panasonic electric vehicle battery plant and the $895 million expansion of Merck Animal Health’s manufacturing facility. The community offers convenient access to Lawrence, Overland Park and Downtown Kansas City, appealing to those seeking suburban living with connections to major employers and urban amenities.

De Soto is experiencing significant growth, driven by the Panasonic plant's expected creation of 7,800 permanent jobs and the Merck facility that will generate upwards of 2,700 jobs. The Kansas City metro area was recently named the #2 rental market in the U.S. by RentCafe and is among the Top 10 Housing Hot Spots according to the National Association of Realtors (2025).

The Residences at Lexington, a two- and three-story garden-style community, will offer 325,811 square feet of rentable space across 382 units. The modern apartment complex features a mix of studios, one-, two- and three-bedroom units, designed with contemporary finishes. Residents will enjoy amenities including a resort-style heated pool, 24-hour fitness center, outdoor grills and a 4,900-square-foot clubhouse.

JLL’s Capital Markets Debt Advisory team was led by Director Kevin Barron.

"The successful arrangement of equity for The Residences at Lexington highlights the strong demand for multifamily housing in this rapidly growing area," said Barron. "This project's strategic location near the Panasonic and Merck developments and other businesses in the area, along with its high-quality amenities, make it an attractive investment opportunity in today's market."

Alcove Development, a local real estate development company with extensive experience in the De Soto market, plans to complete construction in October 2026, with the first units delivered in June 2025.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Alcove Development brings decades of experience in construction, financial management and property development to every project. The team sets clients up for success by providing comprehensive guidance and connecting them with the best community partners throughout the development process.

Red Starr Investments, is a real estate investment firm focused on acquiring, developing, and managing properties across various asset classes in the US and Puerto Rico. The firm invest both debt and equity in opportunistic and value-add investments, often targeting undervalued real estate.