Abacus Capital Group has completed the acquisition of Fountain View on the Plaza, a 398-unit upscale property in Kansas City, Mo.
Newmark Knight Frank originated a $43.5 million Fannie Mae note for the purchase, according to Jackson County records.
A joint venture between RREEF Property Trust and DWS Group sold the property. The asset previously changed hands in 2005, when GID sold it for $57.3 million, Yardi Matrix data shows.
Located on an 8-acre parcel at 4800 Oak St., the community encompasses five buildings completed in 1999. The unit mix has studio apartments and one- to three-bedroom floorplans, ranging in size from 301 to 1,327 square feet. The amenity package includes a remodeled gym, spa, swimming pool, clubhouse and business center.
The property is a short distance from the busy retail corridor along West 47th Street, which includes the 1.3 million-square-foot Country Club Plaza shopping center. Additionally, the site is close to the University of Missouri-Kansas’ Volker Campus and 5 miles south of the city center.
The CBRE Capital Markets team that facilitated the deal included Executive Vice President Jeff Stingley and Senior Associates Max Helgeson and Michael Spero.
In September, Abacus Capital Group sold Retreat on Lake Lynn, a 344-unit community in Raleigh, N.C. Knightvest Capital paid $51 million for the asset, backed by a $38.5 million mortgage from Prudential Financial.