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MISSION, KS-A joint venture between Minneapolis-based Timberland Partners Inc. and Sterling America, which is based in New York City, has acquired Heritage Hills, a 317-unit multifamily rental property, for $21.5 million, or about $67,823 a unit. The new owner plans to invest $9,000 a unit, or an aggregate of nearly $2.9 million, in renovations.

The 24-building complex was constructed in three phases between 1969 and 1971. It is located on 24.6 acres at 5250 Foxridge Dr. and will remain a rental property. Phillip Brimble of the Kansas City office of Phoenix-based Hendricks & Partners represented the seller in the transaction, and the JV was represented in house. Brimble says he has recently sold multifamily assets in this area to each of the JV partners.

The seller, Varna, IL-based Mission Associates LP, has owned Heritage Hills since 1993, according to Brimble. He tells GlobeSt.com the complex is currently 98% occupied. The average unit size is 1,259 sf, and the average current rent is $853 per month.