Price Brothers Lands $73M Refi for Kansas City Asset
Gantry arranged the fixed-rate loan through Fannie Mae.
Prairie Creek Apartments, a 425-unit community in Lenexa, Kan., has received $73 million in refinancing, Connect CRE reported first. Gantry arranged the five-year, fixed-rate loan through Fannie Mae. The non-recourse note includes partial full-term interest only.
Price Brothers owns the asset, according to Yardi Matrix information. The company completed the property back in 2014, when it also secured a $38.8 million loan from Allianz.
Located at 9395 Scarborough St., the 23-building community is close to a host of dining options and Interstate 435, as well as within 3 miles from the Falcon Valley shopping center. Downtown Kansas City is 17 miles northeast.
READ ALSO: Beyond the Sun Belt: The Case for Midwest Multifamily
Prairie Creek Apartments comprises one-, two- and three-bedroom floorplans ranging from 704 to 1,400 square feet. Units have private balconies or patios.
Shared amenities at the two-story, suburban property include a dog park, saltwater swimming pool, fitness center with yoga room and a tanning room. The community also has a business center, basketball court and tennis/pickleball court, along with 581 parking spaces.
Gantry Principal Mark Reichter and Associate Alec Frook arranged the refinancing on behalf of the borrower.
Kansas City’s emerging multifamily sector
Kansas City entered 2026 with stable multifamily fundamentals, according to a recent Yardi Matrix market report. Through January, the metro’s average advertised asking rate stood at 0.2 percent on a trailing three-month basis to $1,355. That was 40 basis points above the U.S. figure. On a year-over-year basis, asking rents were up 2.5 percent as of the same month.
That performance has helped keep Kansas City on investors’ radar. While Sun Belt markets with stronger job growth and in-migration trends continue to attract significant interest, midwestern metros such as Kansas City are also gaining attention, particularly those emerging housing markets that have recently posted some of the strongest rent growth in the country.
