Marcus & Millichap Brokers KC Sale
- Jan 11, 2019
After recently arranging the $56.2 million transaction of a luxury community in Santa Barbara, Calif., Marcus & Millichap has facilitated the sale of View High Lake, a 309-unit multifamily asset in Kansas City, Mo. Nick Fluellen, senior managing director investments, Bard Hoover, senior vice president investments, and Max Helgeson represented seller ChadNic Properties, and procured the buyer, Peak Capital Partners. According to Yardi Matrix data, the deal was subject to a $20.6 million loan held by Freddie Mac and originated by KeyBank.
View High Lake is located at 10708 East 98th Terrace, between Lee’s Summit and South Kansas City. The asset is close to Interstate 470 and Highway 350, and is within 16 miles of downtown Kansas City. Both Summit Woods Crossing and Summit Fair shopping centers are within a 10-minute drive of the lakeside property. Nearby employers include Cerner Corp., the Lees Summit R-7 school district, The National Benefits Center and Saint Luke’s Health System.
Completed in 1973, the asset encompasses 55 one-bedroom, 192 two-bedroom, 58 three-bedroom and 4 four-bedroom units spread across 19 buildings. Common-area amenities include controlled access, a swimming pool, a business center, a fitness center and 19 laundry facilities.
“In addition to the apartment complex, the property was conveyed with a 31-acre land parcel to the south and an 18-acre developable land parcel to the north that will allow the new owner to create unique common area amenities, build additional apartment buildings or develop single-family homes,” saild Fluellen in a prepared statement.
Image courtesy of Marcus & Millichap
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