The Opportunity
Conestoga, a 659-site, all-age land-lease community located in Gardner, KS, outside of Kansas City.
The community’s strong market fundamentals and significant long-term upside made Conestoga an attractive investment opportunity for Green Courte, and the value proposition for working families was particularly compelling. The community was located just five miles from a master-planned industrial park and intermodal transit facility spanning 1,700 acres and housing 17 million square feet of warehouse and distribution space. The park was occupied by several Fortune 500 companies and was already a major employment center. Green Courte saw an opportunity to provide prospective residents with affordable, high-quality housing and amenities just minutes away from work.
In 2018, Green Courte reached an agreement with the seller, a long-standing relationship from whom Green Courte had acquired other communities, to acquire Conestoga.
The Transformation
Green Courte began making investments in strategic capital projects to improve and reposition Conestoga as a comfortable, well-maintained, and amenity-rich community that was ideal for working families. The team set to work making repairs to older parts of the community, completing deferred maintenance projects, and enhancing the amenity package for residents. Conestoga’s initial phase of transformation also included bringing in new homes and implementing proven property management practices to significantly improve curb appeal. The community was only about 66% occupied at the time of acquisition. Since then, occupancy has increased by more than 20%.
Later, in May 2021, Green Courte acquired a 20-acre parcel of land adjacent to Conestoga for the development of a 98-site expansion of the existing community. All of these new sites feature multi-section homes, and shared amenities include a new pavilion/storm shelter and a retention pond with a walking path. Fifteen of the 98 homes will back up directly to the retention pond, offering a premium view. Strategic expansion and ongoing improvements will continue to establish Conestoga as an attractive yet attainable housing option for working families in the Kansas City area.
