Venterra Enters Kansas City With 456-Unit Buy
Completed in 1987, the property came to market for the first time.
Timberlane Village. Image courtesy of Northmarq
Venterra Realty has acquired Timberlane Village, a 456-unit multifamily community, marking its entry into the in Kansas City, Mo., market. The seller was the property’s original developer, marketing it for the first time.
Northmarq arranged the sale for the seller and secured the fixed-rate Fannie Mae financing for the buyer. In 2016, the asset became subject to a $15.7 million 10-year CMBS loan originated by Walker & Dunlop, according to Yardi Matrix data.
Completed in 1987, the property encompasses 40 two- and three-story buildings with one-, two- and three-bedroom floorplans, ranging from 704 to 1,253 square feet. Apartments feature vinyl tile flooring and fireplaces in select units. Community amenities include a fitness center, a tennis court, two swimming pools, a spa and a sauna, as well as 800 parking spaces.
Located at 8803 Newton Ave., the 27-acre site is close to Interstate 435 and Highway 71, placing it roughly 13 miles south of downtown Kansas City. It is also adjacent to the Oracle Center Innovations Campus and in proximity of other large employers.
Senior Vice Presidents Gabe Tovar and Dominic Martinez, along with Managing Directors Jeff Lamott and Parker Stewart led the Northmarq team that brokered the sale, while Senior Vice President Daniel Stickane arranged the financing. In prepared remarks, Tovar emphasized the strength and growth of the South Kansas City submarket, mentioning that multiple investors considered Timberlane Village as an entry point to the area.
In a recent interview with Multi-Housing News, Lamott shared why the Midwest multifamily market was attracting record-high capital. He detailed the region’s strength and mentioned the hottest cities for investment, including Kansas City.
