Kansas City multi-housing development secures a $12.9M equity investment

DENVER, Apr. 22, 2024 – JLL Capital Markets announced today that it has arranged the $12.9 million equity investment for the construction of 3^rd and Grand, a 245-unit luxury multi-housing community located in the River Market neighborhood of downtown Kansas City.

JLL worked on behalf of the borrower, EPC Real Estate Group and Copaken Brooks, to secure a national fund manager as an investor in 3^rd and Grand.

"3rd and Grand represents a visionary approach to urban living, combining luxurious amenities with a vibrant, transit-oriented location in the heart of Kansas City,” said Mike McKeen, Principal at EPC Real Estate Group and Bill Crandall, Principal at Copaken Brooks in a joint statement. “This development exemplifies our joined commitment to creating dynamic spaces that enrich communities and elevate the quality of life for residents in Kansas City’s River Market neighborhood."

3rd and Grand is a meticulously planned mid-rise development with five stories of light gauge steel construction above a one-story concrete podium garage of 235 structured parking stalls. Upon completion in 2026, 3rd and Grand offers studio, one- and two-bedroom layouts with smart features, modern appliances, luxury stone countertops, expansive Pella windows, condominium finishes and open-concept floorplans. The 245 luxury units at 3rd and Grand also offer views on all sides of the historic downtown and the desirable River Market neighborhood. Residents will have access to a host of amenities, including a 24-hour fitness center, a bike storage workshop and lounge, a salon/spa, a coffee bar, a resident's room, a package concierge system, an outdoor kitchen, a state-of-the-art pool, a dog wash and more.

Situated at 201 and 255 Grand Blvd. 3rd and Grand is strategically located in the heart of downtown Kansas City in the River Market neighborhood and is adjacent to the iconic City Market farmers market and shopping center. By utilizing the KC Streetcar, residents can access the Power and Light District, known for its eight-block entertainment hub encompassing more than 50 bars, restaurants and shops and hosting over 130 free events annually, and the T-Mobile Center, one of the country's busiest arenas, with its numerous live concerts, special entertainment and sporting events throughout the year. With its transit-oriented design, 3rd and Grand provides convenient access to the KC Streetcar, extensive bike trails, and major bus routes, with plans to have a new multi-modal transit station on-site in collaboration with the KCATA. The KC Streetcar will eventually link the River Market neighborhood beyond Crossroads and to the Country Club Plaza.

3rd and Grand also boasts proximity to over 120,000 jobs in downtown Kansas City, a thriving center for transportation, distribution, e-commerce, manufacturing, technology, and finance. The Golden Plains Technology Park, owned by Diode and Meta, is located just 20 minutes north of 3rd and Grand, presenting additional opportunities in the data center sector.

The JLL Capital Markets team was led by Managing Director Mark Erland and Director Kevin Barron.

“3rd and Grand is an exceptionally well-designed project that will benefit from its transit-oriented location with city incentives, Kansas City’s booming market fundamentals and its seasoned development team.” Barron added. “With a high-quality national capital partner, EPC and Copaken Brooks are well-positioned to deliver a successful product to downtown Kansas City.”

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.

For more news, videos and research resources, please visit JLL’s newsroom.

EPC is one of Kansas City's top multifamily developers and property managers serving the Midwest. EPC's track record of successful investment decisions does not just revolve around high yielding investments, but high yielding investments with low-risk profiles and "wow factors." They manage this by conservative underwriting, market awareness, historical data, innovation and thorough due diligence. Lastly, above and beyond the investment metrics, EPC only invests time and capital into deals which they can be proud of the appearance, the use, and the positive impacts it will have on a community. EPC has delivered over $1.7B of real estate and are proud of each building they own or have helped to build for their clients.

Copaken Brooks is a full-service commercial real estate firm headquartered in Kansas City and serving the Midwest. For over 100 years, the company has maintained a national client base with a full suite of services including investment acquisition and sales, tenant representation and HQ relocations, property management, asset management, development, owner’s representation and leasing (office, retail, medical, industrial and underground). Learn more at copaken-brooks.com.