Peak Capital Buys $24M Kansas City Asset
Northmarq assisted Forum Real Estate Group in the disposition.
Peak Capital Partners has purchased Province at Briarcliff, a 120-unit multifamily community in Kansas City, Mo. Forum Real Estate Group sold the property for $23.8 million, with the assistance of Northmarq’s Jeff Lamott and Gabe Tovar.
According to Yardi Matrix data, Forum had acquired the asset from Maxus Realty Trust for $18.8 million in 2017, financing the purchase with a $14.1 million Fannie Mae loan from Berkadia.
Completed in 2002, the Class A property encompasses eleven buildings with one-, two- and three-bedroom apartments ranging between 662 and 1,362 square feet, Yardi Matrix shows. Common-area amenities include a fitness center, swimming pool, sundeck, business center and clubhouse, among others. All units have washers and dryers, vaulted ceilings and patios or balconies.
Located at 1282 NW Vivion Road, the community sits on a 9.9-acre site in the Briarcliff West neighborhood. The property is near the conjunction of Interstate 29, Route 69 and Route 169, in an area where many retail spaces, dining options and entertainment venues can be found. North Kansas City Hospital is 5 miles away.