PAC Lands 260-Unit KC-Area Community
- Oct 04, 2017
Preferred Apartment Communities Inc. purchased Adara Overland Park, a 260-unit Class A community in Overland Park, Kan., that was built in 2016. PAC acquired the property through a wholly-owned subsidiary and financed the acquisition utilizing a non-recourse first mortgage loan from Freddie Mac originated by KeyBank National Association. The first mortgage loan is approximately $31.9 million, bears interest at a fixed rate of 3.9 percent per annum, matures on April 1, 2028 and amortizes based on a 30-year schedule. There are no loan guaranties provided by PAC or its operating partnership.
Located at 13401 Westgate St., the property is near interstates 35 and 435 and provides an easy commute to employment in the area. Shopping, dining and entertainment options nearby include Blue Valley Recreation Complex, Town Center Plaza & Crossing and Prairiefire Shopping Center. The community is in the Olathe School District and near the University of Kansas Edwards Campus. Adara’s unit mix includes one-, two- and three-bedroom apartments. The community features a saltwater pool with outdoor grilling and lounge areas, an athletic club and gaming room with billiards.
“Adara is one of the premier Class A multifamily communities located in a strong and growing submarket and features high quality interior finishes. With this acquisition, we continue to add to our growing portfolio of best-in-class new multifamily communities,” said Jeffrey Sherman, PAC’s executive vice president & director of multifamily investments, in a prepared statement.