Although the Kansas City-area apartment pipeline continues to swell, with about 8,000 new units scheduled for delivery in 2014 and 2015, the managing partner of Cityscape Residential said the supply still has not met the demand for luxury apartments.
Jim Thomas was speaking to the Kansas City CCIM Chapter, an organization of commercial and investment real estate professionals. But the Raytown native said hometown boosterism has little to do with the fact that his multifamily development and construction company is now more active in the Kansas City area than it is Indianapolis, where Cityscape is headquartered, or other Midwest markets where it develops.
Rather, Thomas said a number of market fundamentals are responsible for Cityscape’s huge presence in the local market. The firm has more than $200 million in local luxury apartment projects underway.