Kansas City Community Changes Hands
- Jun 10, 2019
Prosperity CRE has acquired Colony Court Apartments, an 80-unit garden-style community in Kansas City. Berkadia negotiated the sale on behalf of both seller and buyer. Block Multifamily Group was tapped as property manager.
According to data provider Yardi Matrix, the new owner used a roughly $4 million loan for the acquisition. Matthew Hodson, managing director at M&T Realty Capital Corp., provided a Fannie Mae Green non-recourse loan with a lower interest rate, as well as incentives to reduce water and energy consumption at the property.
Located at 5804 N.E. 41st St., the property is between Interstate 35 to the north and Interstate 435 to the east, near Cerner Corp. World Headquarters and the Ford Kansas City Assembly Plant. Downtown Kansas City is 7.7 miles away and the international airport is within a 25-minute drive.
Developed in 1984 on a 6-acre site, Colony Court consists of 20 two-story buildings totaling 77,400 square feet of rentable space. According to Yardi Matrix data, the unit mix includes two-bedroom apartments with an average size of 970 square feet. Communal amenities include a swimming pool, high speed internet access and 169 parking spaces. The property was 97.5 percent occupied as of April.
Future upgrades, rebranding
Prosperity CRE intends to implement a capital improvement program at the property. Planned additions include a community center and leasing office, a dog park as well as a barbeque and picnic area. Landscaping will also be upgraded, including the pool area. Unit improvements will feature updated kitchens, bathrooms and flooring. After all enhancements are completed, Colony Court will be repositioned and rebranded as Hidden Hills.
Berkadia Director Brett Meinzer and Associate Director Dominic Martinez represented both parties in the deal. In March, Meinzer was part of the team that negotiated the sale of a 141-unit community located in downtown Kansas City.