Overland Property Group (OPG) achieved its highest production rate of new development in 2016, almost tripling any single year’s production with over $80 million in closings.
Headed by partners Patrick Beatty, Brett Johnson, and Rex Vanier, the Leawood, Kansas–based firm develops and owns affordable and market-rate housing for seniors and families in six states—Colorado, Iowa, Kansas, Missouri, Oklahoma, and Texas.
“We operate as a very small organization but have managed to develop in a wide-ranging footprint across six states,” Johnson says. “We are collectively a very active group out in the field.”
OPG started six affordable housing developments with 351 units and completed five developments with 176 units last year. It is new to the AHF 50 developers list, coming in at No. 26 this year.
One of the developments started last year will bring 48 units of much-needed affordable housing to the resort town of Steamboat Springs, Colo. With little affordable housing in northwest Colorado, the developer received an allocation for low-income housing tax credits, the first ever for the town, for The Reserves at Steamboat Springs.
The two- and three-bedroom units will serve residents earning 40%, 50%, and 60% of the area median income. Already 100% pre-leased, the development is expected to be completed by the end of April.
OPG is looking to continue its growth this year, projecting to start three affordable housing developments with 163 units and to complete seven developments with 386 units. It also plans to expand into market-rate independent living, breaking ground on a 74-unit luxury senior community in Leawood.
“Our growth will probably remain in the same footprint, but we will continue to diversify the market-rate portion of the company and do the same that we’ve been doing in affordable,” Johnson says.