Thompson Thrift Residential has sold The Element, a 276-unit community in Kansas City, Mo. Senior Vice President Gabe Tovar of Northmarq Capital Finances arranged a $38.9 million Fannie Mae loan for the acquisition on behalf of buyer Timberland Partners, Platte County records show. Yardi Matrix data also shows that the property is subject to a $31.2 million construction loan originated by Associated Bank, which carries a 2023 maturity date.
The three-story, garden-style community features one-, two- and three-bedroom floorplans, with an average size of 958 square feet, across 19 buildings. Completed last year, the property encompasses common-area amenities such as a fitness center, a pool, grilling areas and two dog parks. Apartments showcase digital lock in all units, stainless steel appliances and walk-in closets. Patio, balcony and private yard options are also available.
Located at 8101 NW Barrybrooke Drive, The Element is near Boardwalk Square, Barrywood Crossings and Edgewood Farms. The site is connected to various other retail centers, dining options and entertainment venues.
Deal volume accelerates in Kansas City
Due to demographic expansion and affordable living costs relative to other Midwestern metros, the Kansas City multifamily market has been thriving. In the first half of the year, rent growth kept its upward trajectory, while transaction activity intensified. More than $753 million in multifamily assets changed hands in the metro, almost double the volume recorded over the same period in 2021.
Thompson Thrift Managing Partner Josh Purvis stated in prepared remarks that The Element meets the needs of residents seeking luxury living options. The company is also working on a new upscale project in the Raymore suburb of Kansas City. Earlier this month, Thompson Thrift unveiled plans for The Depot, a 300-unit, Class A project that will be the developer’s third in the state.