Berkadia closed the sale of Coach House, an 807-unit garden-style multifamily property in Kansas City, Missouri.
The property was traded for a total price of $81.5 million, which represents a 5.02 percent in-place cap-rate. Berkadia’s Mid Markets Group, led by Senior Managing Director Alex Blagojevich and Managing Director Michael Sullivan, as well as Director Brett Meinzer and Associate Director Dominic Martinez, completed the sale on behalf of the seller, Virginia-based Harbor Group International. The deal closed on June 30.
Harbor International purchased Coach House as part of a $1.85 billion portfolio of assets it had acquired in early 2020. Harbor International quickly identified the asset as a prime candidate for disposition, as it fell outside the company’s strategic and geographic focus. The buyer, a private individual based out of San Francisco, had to recapitalize multiple assets to access the necessary amount of equity to purchase this property. Said assets included bank refinances, a preferred equity investment and an agency refinancing, which was also completed by Berkadia.
Located at 655 E Minor Drive, Coach House features one-, two- and three-bedroom floor plans with large closets. Community amenities include a swimming pool and a tennis court. Residents are afforded convenient access to Minor Park Golf Course and Interstate 435.
