CBRE Kansas City Closes 5 Multifamily Sales

The communities add up to 1,368 units and traded for a total of $113 million.
Woodridge Apartments in Lenexa, Kan.

Woodridge Apartments in Lenexa, Kan.

Kansas City, Mo.CBRE Group Inc. has completed five multifamily sales in the Kansas City metro area in the past month, totaling $113 million and 1,368 units. The properties include Northland Passage Apartments and Woodlands Apartments in Kansas City, Mo., and Lenexa Pointe Apartments, Woodridge Apartments and Mill Creek Apartments in Lenexa, Kan. CBRE’s Kansas City office Senior Vice President Jeff Stingley, Senior Associate Jeff Lamott and Associate Michael Spero represented the sellers in each of the transactions.

According to Yardi Matrix data, Northland Passage Apartments is a 596-unit property located on 6360 North London Ave. in Kansas City and was completed in 1996. Northland Passage was sold to a private equity group new to the market. Lenexa Pointe is a 289-unit property located at 12000 W. 77th Terrace in Lenexa, Kan., and includes amenities such as a fitness center, a tennis court and a swimming pool. Woodridge Apartments encompasses 248 units offering one-bedroom and two-bedroom floor plans. Mill Creek Apartments has 119 units and is currently known as Retreat at Mill Creek Apartments.

Mill Creek Apartments in Lenexa, Kan.

Mill Creek Apartments in Lenexa, Kan.

“Kansas City’s strong economic and multifamily fundamentals continue to attract capital from across the country. Despite the geographic diversity of the assets sold, each property is near major economic development that will drive tenant demand now and into the future. Nearly every submarket in the metro has a positive story to tell right now,” said Stingley in prepared remarks.

The CBRE Multifamily team saw record activity in 2015, reaching $480 million in sales volume. The CBRE Capital Markets’ Central Midwest Multifamily team has recently arranged the sale of a 232-unit luxury apartment community in Indianapolis.

Images courtesy of CBRE