29th Street Capital has expanded its multifamily portfolio with the acquisition of Lakewood Terrace, a 152-unit garden-style apartment community in Belton, Missouri, located about 20 miles south of downtown Kansas City. The purchase adds to the firm's presence in the region and continues its investment activity in the Kansas City market.
Lakewood Terrace was built in 2002 and is configured as a garden-style community. The property offers a mix of one-, two-, and three-bedroom floor plans, with units averaging more than 1,025 square feet. The community serves residents in the growing Cass County submarket and is positioned to attract renters seeking larger floor plans in a suburban setting within commuting distance of Kansas City.
Community amenities at Lakewood Terrace include a clubhouse, swimming pool, and fitness center, providing residents with a range of on-site lifestyle features. The property also offers detached garages, which can enhance parking convenience and storage options for residents, along with two playgrounds that cater to households seeking family-oriented amenities.
According to 29th Street Capital, approximately half of the units at Lakewood Terrace had been previously renovated by the seller. The firm plans to implement a comprehensive value-add business plan targeting the remaining classic units that have not yet been upgraded. Through this initiative, 29th Street Capital intends to complete renovations across the unrenovated portion of the property's unit mix.
The acquisition of Lakewood Terrace was completed in ongoing partnership with Raith Capital Partners. This transaction marks 29th Street Capital's fourth acquisition in the Kansas City market, underscoring a continuing strategy of investing in the area's multifamily sector. The partnership structure was not further detailed, but Raith Capital Partners is noted as a continued partner on this latest purchase.
Property operations at Lakewood Terrace will be handled by 29th Street Living, 29th Street Capital's in-house property management platform. By bringing the asset under its own management, the firm will oversee both day-to-day operations and the planned renovation program at the community.
In addition to the transaction news, Connect CRE is promoting the Connect Midwest Multifamily Trends Conference, scheduled for Tuesday afternoon, June 2, 2026. At the event, JDL Founder Jim Leitchinger is slated to receive the Changing Skyline Award, followed by an exclusive keynote interview offering insights from a prominent multifamily development voice in the region.
