JV Buys Suburban Kansas City Community for $48M
- Nov 13, 2020
A partnership of Freshwater Investments and Griffis/Blessing Inc. announced it has closed on the $48 million acquisition of Savoy Luxury Apartments in Overland Park, Kan., from Fogelman Properties.
According to Yardi Matrix, the 254-unit community last traded in 2013, when Stoltz Real Estate Partners sold it for $30 million. In 2018, the property became subject to a $27 million loan held by Bank of America.
Savoy is located at 7100 W. 141st St. in Johnson County, some 21 miles south of downtown Kansas City, just off U.S. Route 69.
Built in 2002, the community offers a mix of one-, two- and three-bedroom units, with five different floor plans averaging around 1,220 square feet. Common-area amenities include a fitness center, business center, clubhouse, swimming pool and spa.
Newmark’s Mac Crowther and Whittaker Potts brokered the deal on behalf of the joint venture. Earlier this month, the same team negotiated the sale of another suburban Kansas City property. An entity affiliated with A&C Ventures Inc. acquired the 276-unit apartment community in a $60 million deal.