Passco Nabs 5th Property in KC Metro Area
Greenwood Reserve, a 228-unit luxury community in Olathe, Kan., traded for $38.3 million. Jeff Stingley of CBRE represented both the buyer and the seller, an affiliated entity of Cityscape Residential. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing through Fannie Mae.
By Laura Calugar
Passco Cos. has acquired Greenwood Reserve, a Class A, 228-unit community in the city of Olathe, Kan., which is part of the Kansas City, Mo., metro area. Jeff Stingley, senior vice president in CBRE’s Kansas City office represented both parties involved in the $38.3 million deal. The seller was an affiliated entity of Cityscape Residential. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged the acquisition financing for Passco Cos. through Fannie Mae.
Greenwood Reserve is located at 13825 College Blvd., along one of the major office corridors. According to Yardi Matrix data, the community features 122 one-, 78 two-, and 28 three-bedroom units, ranging in size from 844 to 1,377 square feet. The six-building property features:
- a fitness center
- swimming pool
- business center
- 399 parking spaces
- grilling areas
The property is situated in close proximity to major employers such as the Sprint headquarters, Black & Veatch headquarters, a UPS Customer Center, Farmers Insurance, Quest Diagnostics, Johnson County Community College and Overland Park Regional Medical Center, among others. Additionally, Orizon Aerostructures Inc., a firm that builds sub-assemblies for the aerospace industry, has recently relocated from North Kansas City to a major facility in Olathe. Located in Johnson County, Greenwood Reserve benefits from the region’s high concentration of jobs and solid market fundamentals.
“Our strategy to acquire luxury multifamily communities in irreplaceable locations with premier demographics is perfectly matched by what Greenwood Reserve offers. The exceptional job growth in the submarket is stimulating demand for multifamily assets and will result in long-term demand throughout the area,” said Passco Cos. Senior Vice President of Acquisitions Gary Goodman, in prepared remarks.
Kansas City is among the Midwest’s best performing large economies and was ranked 16th highest in the nation for annual job growth.
Image courtesy of Passco Cos.
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