Suburban Kansas City Community Commands $74M
Carroll Organization sold the 402-unit asset less than three years after acquiring it. The transaction was subject to a $50.9 million Freddie Mac loan.
Stonepost Crossing
Price Brothers has acquired Stonepost Crossing, a 402-unit community located in Overland Park, Kans. Carroll Organization, which purchased the suburban Kansas City property in 2016, sold it for $73.9 million.
According to Yardi Matrix data, the sale was subject to a $50.9 million Freddie Mac loan originated by NorthMarq Capital. The community was 93.8 percent occupied at the time of transaction. Recently, Carroll Organization also sold a 192-unit Tampa property for $22.1 million.
Located at 12800 W. 134th St. in Overland Park, Stonepost Crossing is about 22 miles from downtown Kansas City. The asset is within walking distance of dining and retail establishments and within 6 miles of three shopping centers. Nearby transit routes include Interstate 35 and Route 69.
Completed in 2014, Stonepost Crossing encompasses 40 two-story buildings. The one-, two- and three-bedroom units include washer/dryers and range from 675 to 1,507 square feet. Common-area amenities include controlled access, swimming pool, picnic area, fitness center, business center and children’s play area. The property also includes 603 parking spaces.
Image courtesy of Yardi Matrix
