Berkadia Institutional Solutions closed the sale of and secured financing for Georgetown Apartments, a 395-unit garden-style multifamily property in Merriam, Kansas.
Senior Managing Director Pete Evans of Berkadia Chicago, Senior Director Michael Spero, and Director Kevin Jury, both of Berkadia Kansas City, completed the sale on behalf of the seller, New York-based Malkin Properties, and the buyer, Illinois-based ARTISAN Capital Group. The deal closed on June 5.
Managing Director John Schorgl, also of Berkadia Kansas City, secured a five-year full-leverage acquisition loan through Freddie Mac.
Designed by Kansas City developer J.C. Nichols, Georgetown Apartments is located at 7200 Eby Drive and sits upon more than 33 acres. The property features an array of studio through four-bedroom floor plans, paired with private balconies or patios. Community amenities include parlor rooms, a pub room with flatscreen TV and fireplace, billiards room, fitness center, indoor and outdoor swimming pools, clubhouse, an event space, laundry facilities, and more.
Georgetown Apartments is centric to Kansas City’s downtown urban core, vast job market, Country Club Plaza and three major retail corridors, KU Medical Center and Medical School, and major employers Honeywell, Garmin, Quest Diagnostics, and Farmers Insurance.
