Marcus & Millichap Real Estate Investment Services recently brokered the sale of The Bluffs, a 602-unit, 563,236-square-foot apartment complex located in Junction City, Kan., adjacent to the Fort Riley U.S. Army post.
The sales price of $43.5 million represents $72,383 a unit and $77 a square foot. The cap rate was 7.09 percent.
Alex Blagojevich, a senior associate in the Tampa , Fla., office of Marcus & Millichap; David Gaines, an associate vice president in the firm’s Chicago downtown office; and Richard “Andy” Glinski and Jacob Steele, senior associates in Marcus & Millichap’s Denver office, represented the seller, The Bluffs LLC. Blagojevich, Gaines, Glinski and Steele also represented the buyer, Colorado-based Prescott Facility LLC.
“Fort Riley ‘s military population has more than doubled since 2006,” says Blagojevich. “The Bluffs is one of a very few apartment complexes in the area built to handle the increase.”
Constructed in 2009, the property is 98 percent leased.
