Independence, MO (October 26, 2022) – Ohio-based Summit Management Services, Inc. (SMSI) and its partners announced the purchase of Azure Apartments, in Independence, Missouri. Azure is a recently constructed Class A 280-unit apartment community that will take its place among the most desirable places to live in the Jackson County submarket on the west side of the rapidly growing Kansas City MSA. The property is located just minutes from I-70 and I-470, providing easy access to Kansas City’s employment hubs and within walking distance of great restaurants, shops and walking trails along the Little Blue River.
Azure features a mix of spacious one-, two- and three-bedroom luxury units, some with attached garages, and a full amenity package, including a brand-new community clubhouse overlooking a beautiful pool and deck with outdoor grill area, state-of-the-art fitness center, dog park with agility features and dog wash station. The units are fitted with stainless steel appliances, designer flooring, spacious closets, in-unit washers and dryers, and granite countertops.
“Our acquisition of Azure Apartments is the first in the Kansas City area as we expand our footprint in the Midwest. We are already well established in Ohio, Colorado, and North Carolina and the acquisition of Azure Apartments is an exciting continuation of our overall strategy of expansion into new markets where people are moving for lifestyle and employment opportunities”, stated Amit Pollachek, Chief Executive Officer.
The property was purchased for $78 Million and involved the assumption of the existing FHA/HUD 221(d)(4) financing that was used to construct the community. Other recent Summit Management Services, Inc. transactions include Ten West Apartments (purchased in November 2021) Incline 45 Apartments (purchased in June 2021), and The Elements at Prairie Center (purchased in 2019), among others. In total, SMSI owns and manages approximately 4,000 market rate and affordable units across Colorado, Ohio, North Carolina, and now Missouri, both for its own portfolio as well as for 3rd parties. For additional information on the property, please visit www.LiveAzureLuxury.com.
About Summit Management Services, Inc.
Established in 1980, Summit Management Services, Inc. (“SMSI”) is a privately held, vertically integrated multifamily investment and management company focused on high-quality multifamily communities in various markets throughout the Southeast, Midwest, and Western states. Headquartered in Akron, Ohio, SMSI is led by a senior management team with an average of over 25 years’ experience in all stages of the real estate cycle and has completed apartment transactions in excess of $1billion. For more information, please visit our website at www.summitmanagementliving.com
Contact:
Mr. Elan Krueger
VP Business Development
(330) 762-4011
[email protected]
