The 52-acre property sits in the North Kansas City submarket. It consists of 514,158 sf divided among one-, two- and three-bedroom units averaging 848 sf. Community amenities include two pools, two tennis courts, a car wash, a clubhouse and a fitness center.
Matthew Lawton and Dave Nachison with Holliday Fenoglio Fowler in Chicago marketed the property on behalf of Equity Residential. Phillip Brimble of Collier's Turley Martin Tucker in Kansas City co-brokered the transaction.
Lawton says the asset generated a lot of interest due to its reputation as one of the more attractive properties in the North Kansas City submarket. Nachison adds that the assumable tax-exempt bonds added to the attractiveness of the investment.
"With the low-floater bond rate currently hovering in the 1% range, the property is poised to deliver enhanced returns as the submarket improves," says Nachison.
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