Berkadia Closes Sale of Kansas City Property
- Dec 07, 2015
Berkadia recently announced the sale of The Vintage at Zona Rosa, a 308-unit multifamily property in Kansas City, Mo. The transaction was negotiated on October 29 by Senior Director Phillip Brimble of Berkadia’s Kansas City office.
The value-add property has been acquired by local firm JTL Real Estate Partners LLC. The new owner plans to upgrade units as well as expand and improve the amenities. The seller, VPR Properties LLC of Port Charlotte, Fla., was represented by Brimble in the transaction. The financial details were not disclosed.
“The buyer is a very experienced investor with a national presence and decades of success with improving and operating under-performing assets, typically partnering with large equity funds,” said Brimble. “Additionally, this was an off-market sale with no public exposure to the greater buying community. Still, the price and capitalization are comparable to recent sales of widely marketed, similar vintage and quality assets.”
The Vintage at Zona Rosa is located at 8811 North Congress Ave., in close proximity to State Route 152 and Interstate 29. Downtown Kansas City is 14 miles southeast of the community, while Zona Rosa Town Center and The Shops at Boardwalk are one and two miles away, respectively. Top employers in the immediate area include American Airlines, Dairy Farmers of America, Harley-Davidson and Tyco Integrated Security.
The community was built in 2000, totaling 308 units with one-, two-, and three-bedroom floor plans. Apartment amenities include fully equipped kitchens, designer cabinetry, cathedral ceilings, built-in computer desks, cable and internet access, balconies and patios, as well as ceiling fans in master bedrooms. Community amenities include a resort-style swimming pool, lake in the center of the community, fitness center, courtyard, clubhouse and business center.
Image courtesy of The Vintage at Zona Rosa