Simbol Commercial Sells Kansas City High-Rise
Arbor Commercial Funding provided the buyer with $30 million of Fannie Mae acquisition financing for the purchase of the 35-story tower.
Simbol Commercial has sold 909 Walnut, a 152-unit luxury residential tower with office and retail components in Kansas City, Mo., according to Yardi Matrix. The buyer, Worcester Investments, financed the acquisition with a $30 million Fannie Mae mortgage, originated by Arbor Commercial Funding.
Located in downtown Kansas City, the 35-story high-rise is positioned five blocks north of the Sprint Center and a short distance from interstates 35 and 70. The city’s streetcar and bus system operate adjacent to the tower, linking the community with the wider metro area. Roughly 9 million square feet of office space is within walking distance of the property, in addition to 90,000 square feet on the building’s lower levels.
The structure was built in 1931 as an office tower, converted to a primarily residential building in 2005. Apart from the remaining office and 152 apartments, the property contains 22 individually owned condominium units and a small retail component.
The multifamily floors of the asset contain a mix of one- and two-bedroom apartments, with floorplans ranging from 700 to 1,950 square feet. Community amenities include a fitness center, a community room and 323 covered parking spaces. As of November 2018, the property was 96.7 percent occupied.
About 1 mile south of 909 Walnut, developer The Cordish Cos. completed the second of two luxury high-rise communities in June 2018. The two properties total more than 600 units.
Image via Google Maps