Prism Real Estate Services has purchased the Holly Ridge Townhomes, a 54-unit apartment community in Kansas City, Mo., for $6.7 million. The buyer funded the acquisition with a 10-year, $5 million Freddie Mac Small Balance Loan with a 30-year amortization period, originated by Hunt Mortgage Group. The previous owner, a local investor, picked up the asset in 2015 for $6.5 million from Robl Construction, according to Yardi Matrix.
Located at 7700 N. Mercier St. in Kansas City’s Gladstone submarket, the community’s 27 buildings are situated near U.S. Highway 169, enabling direct access to the city center. The site of the former Metro North Mall, planned to be transformed into a large, mixed-use development according to The Kansas City Star, sits within two miles. The 13-acre Wood Ridge Park runs behind the asset.
Each of the community’s units contain 1,510 square feet and an attached garage. Property amenities include laundry facilities and 108 parking spaces. The buildings were erected in 2009, and the asset is 94 percent occupied, according to Hunt Mortgage Group.
Image via Google Street View
