29th Street Capital Acquires Lakewood Terrace Apartment Community in Missouri

Why It Matters

The acquisition deepens 29th Street Capital’s presence in a fast‑growing Midwestern submarket, positioning the firm to capture upside from rent growth and asset repositioning.

Key Takeaways

• 29th Street Capital buys 152‑unit Lakewood Terrace, Belton, MO.
• Property features garden‑style layout, amenities, average 1,025 sq ft units.
• 50% of units already renovated; remaining to be upgraded.
• Fourth Kansas City acquisition, partnership with Raith Capital Partners.
• Value‑add plan targets rent growth and portfolio diversification.

Pulse Analysis

The Kansas City metro area continues to attract institutional investors as population inflows and job growth fuel demand for multifamily housing. Analysts note that the Cass County submarket, where Lakewood Terrace sits, benefits from relatively affordable land, strong school districts, and proximity to major employment centers. 29th Street Capital’s expansion into this corridor reflects a broader trend of capital seeking out secondary markets that offer higher yields than saturated coastal cities, while still delivering stable occupancy rates.

Lakewood Terrace’s garden‑style design, with unit sizes exceeding 1,000 sq ft, aligns with evolving renter preferences for spacious, family‑friendly layouts. The property’s existing amenities—clubhouse, pool, fitness center, and playgrounds—provide a competitive edge in tenant attraction and retention. By completing renovations on the remaining classic units, 29SC aims to modernize interiors, upgrade fixtures, and introduce energy‑efficient systems, which can justify rent premiums and improve operating margins. The mixed‑size inventory also enables flexible leasing strategies across different income tiers.

Partnering with Raith Capital Partners and leveraging the in‑house 29th Street Living management platform underscores a vertically integrated approach that reduces third‑party costs and enhances operational control. This model allows for rapid implementation of the value‑add plan, tighter expense management, and data‑driven decision making. As the firm adds its fourth Kansas City asset, it signals confidence in the region’s long‑term growth trajectory and sets the stage for potential portfolio synergies, such as shared services and cross‑property marketing initiatives.

Deal Summary

29th Street Capital has completed the acquisition of Lakewood Terrace, a 152‑unit garden‑style apartment community in Belton, Missouri, in partnership with Raith Capital Partners. The deal marks the firm's fourth acquisition in the Kansas City market and will be managed by its in‑house platform, 29th Street Living.