Passco Pays $37M for 360-Unit Complex

OVERLAND PARK, KS-Passco Cos., based in Irvine, CA, has acquired the 360-unit Village at Lions Gate from Houston-based Lions Gate LeaseCo LLC for $37 million. The cap rate was sub-6%.

Both the buyer and seller of the 43-building complex at 14631 Broadmoor St. are both tenant in common sponsors, says William Powell, associate partner in the Kansas City office of Phoenix-based Hendricks & Partners. The seller had owned the 98%-leased asset, built in 2000, since 2003.

The complex is a mix of one-, two-and three-bedroom apartments, ranging from 640 sf to 1,556 sf for an average of 1,071 sf. The rents range from $700 to $1,650 with an average rate of $1,082 per month. Nearly 90% of the apartment units have attached garages, which is “very unusual for an apartment complex,” Powell says. “That feature alone sets it apart in the community.” Additionally, approximately half are two-car garages.