New Affordable Housing Stock Coming to Kansas City, MO
January 17, 2024 – Kansas City, MO – Kittle Property Group, Inc. is bringing a brand-new affordable housing opportunity for 252 families or individuals in the Kansas City metro-area. The Depot Apartments will provide a housing option that fits the budget of a growing work force. Addressing the affordable housing gap is crucial in a city that lacks 64,000 affordable rental homes, according to the Mid-America Regional Council. The Depot will consist of 1-, 2-, 3- and 4-bedroom apartments, serving households of all sizes.
The Depot is a $60.7 million apartment community to be built on Kansas City’s South side. Located near Millennium Santa Fe Elementary and Hickman Mills Middle School, and a library branch, residents will enjoy this desirable and convenient location. This is a 31- acre site located within the East Bannister PIEA Planning Area, adjacent to the Three Trails System and a transportation hub. The Depot brings value to the larger community by finally connect the walking trails that has long been missing a piece, with improvements to the city’s sidewalk system.
“Affordable housing stock is the key to maintaining stable, sustainable communities,” said Jeffrey Kittle, President & CEO of Kittle Property Group. “We are thrilled to expand the options in Kansas City.”
This community will have seven-buildings with several floor plan options ranging in size from 840 to 1,546 sq.ft. Each apartment home will include washer, dryer, master bedroom walk-in closets, attached balconies, full range kitchen appliances. Community amenities include a clubhouse, pool with entertainment area, playground, bark park, rentable garages and storage, and a bike storage room. Northwind is a pet-friendly community.
To develop The Depot, Kittle Property Group was awarded $24.4 million in federal tax credits, to be received over ten (10) year period, from the Missouri Housing Department Commission (MHDC). Include Tax Exempt Bond language? KeyBank also provided funding in the form of a $34.6 million loan. The community will provide an affordable housing option, and rent will be determined based on the Area Median Income (AMI) and the number of people in the household. The Depot will be ready to pre-lease this spring.
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About Kittle Property Group
With roots going back to 1948, Kittle Property Group is a national leader in bringing together community, financial and government partners with innovative plans to develop, construct and manage quality, affordable and market-rate multi-family apartment homes that serve as a catalyst to local economies by sustaining families, neighborhoods and businesses. Kittle Property Group owns and manages more than 18,000 apartment homes, providing homes to 30,000 family members in 16 states, and invested capital of more than $3 billion.
