Oak Residential Trades 350-Unit Kansas City Community
- Nov 14, 2019
Cohen-Esrey has purchased Magnolia Parc, a 350-unit Class B community in the Kansas City, Mo., suburbs from Oak Residential Partners, according to Yardi Matrix. Goldman Sachs supplied the buyer with a $32 million acquisition loan. Oak Residential had purchased the multifamily asset in December 2015 from Passco Cos.
Located at 8000 Perry St. in Overland Park, Kan., the 34-building garden-style community is alongside Interstate 35, some 10 miles southwest of downtown Kansas City. The property is 1 mile south from the AdventHealth Shawnee Mission Hospital and 2 miles from the West 75th Street retail corridor. In March, Hamilton Zanze acquired a 272-unit multifamily asset for more than $40 million 8 miles to the south.
Magnolia Parc was built in 1986 and has one-, two- and three-bedroom apartments with floorplans ranging from 720 to 1,236 square feet. Community amenities include a dog park, an outdoor kitchen, two swimming pools, an entertainment room and covered parking. In September, the property was 94 percent occupied, per data from Yardi Matrix.