SOURCE: NDC Capital Partners

December 19, 2006 09:50 ET

NDC Capital Partners Announces a Real Estate Co-Investment With Dunes Residential Services

NEW YORK, NY -- (MARKET WIRE) -- December 19, 2006 -- NDC Capital Partners LLC ("NDC") today announced a co-investment with Dunes Residential Services, Inc for the acquisition of a 172 Unit, Class B Multifamily apartment complex, built in 1986. The property, known as Point West Apartments, is located in Lenexa, Kansas in Johnson County, which is the most affluent area of greater Kansas City and ranked #1 in residential growth in greater Kansas City adding, on average, 10,000 new residents each year for the last 10 years. The ownership will implement a capital improvement program designed to enhance the property's competitive position in the marketplace. The strategy also includes newly originated, long term fixed rate financing to lock-in low rates to protect the current return without sacrificing the ability to service the debt.

About Dunes Residential Services

Dunes Residential Services, Inc. is a Texas corporation founded in 1996 as Katz Residential Service, Inc. Its principal offices are in Overland Park, Kansas. The core business of Dunes Residential Services is the management of multifamily rental properties with experience in excess of 20 years. At present, Dunes Residential manages three apartment communities in Texas and four in Kansas for a total of 1,494 units. Its development business has included, in recent years, the 240-unit Dunes at St. Andrews in Overland Park, Kansas and the 120-unit Province of Briarcliff in Kansas City, Missouri and it currently has under development the 240-unit Dunes at Eastland Center in Independence, Missouri and the 208-unit Dunes at Falcon Valley in Lenexa, Kansas.

About NDC Capital Partners

NDC is a private equity firm, investing capital in U.S. commercial real estate assets and related entities through joint venture structures with proven operating partners. NDC pursues a disciplined investment philosophy that focuses on value-oriented strategies, including property renovation, development, and repositioning. The foundation of NDC's investment platform is an alignment of interest created through a co-investment partnership with knowledgeable operating partners. A proven track record of producing consistently high risk-adjusted returns supports this investment philosophy.

Contact Information

  • For further information, contact:
    Name: Anthony T. Niosi
    Title: Managing Partner
    Telephone#: 212.867.4520
    E-mail Address: aniosi@ndccp.com

    Name: Eric D. Jones
    Title: Chief Investment Officer
    Telephone#: 212.867.4520
    E-mail Address: ejones@ndccp.com