ATLANTA, June 25, 2024 (GLOBE NEWSWIRE) -- Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the financial closing of its first Kansas Low-Income Housing Tax Credit (LIHTC) project, Canyon Creek Apartments. This monumental project marks a significant milestone in affordable housing for the state, offering more than 200 units in five multi-story buildings located within the 112-acre Cedar Canyon West mixed commercial and residential development on the Lenexa’s far western side.
The new construction of the Canyon Creek Apartments is designed to provide residents with modern, high-quality living spaces with a range of exceptional amenities. The approved plans include a game plaza, dog park, fitness area, exercise room, pavilions, hammocks, clubhouse and a nature trail, ensuring a vibrant and engaging community for all residents.
"We are thrilled to invest in our first State LIHTC project in Kansas following the enactment of House Bill 2237," said Brent Barringer, Partner and Managing Director of LIHTC at Monarch. "The Canyon Creek Apartments, one of the first Kansas Affordable Housing Tax Credits awarded, will not only provide much-needed affordable housing but also enhance the quality of life for its residents with an array of amenities designed to foster community and resident well-being."
The project developer, Overland Park-based MRE Capital, brings their expertise in creating innovative and sustainable housing solutions to Canyon Creek Apartments. Their commitment to quality and community-focused development aligns seamlessly with Monarch’s mission to invest in projects that deliver both economic and social benefits.
Cedar Canyon West is a thoughtfully planned mixed-use development that integrates residential and commercial spaces, creating a dynamic and convenient living environment. The addition of Canyon Creek Apartments to this development underscores Monarch Private Capital's commitment to investing in projects that generate positive community impact and sustainable returns.
Monarch specializes in financing projects that generate positive community impact and sustainable returns. The Canyon Creek Apartments project exemplifies this mission by addressing the growing need for affordable housing while contributing to the economic vitality of the Kansas community.
Construction of the Canyon Creek Apartments is underway and is expected to be complete in December, 2025.
For more information on Monarch’s affordable housing tax equity investments, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
