CBRE has arranged the sale of Chapel Hill Apartments, a 56-unit multifamily property in Kansas City, Missouri. Cupertino, California-based Zovest Capital purchased the asset from a private seller. This is the second Kansas City area property acquired by Zovest Capital. A sale price was not disclosed.
CBRE’s Kansas City multifamily team of Max Helgeson, Michael Spero and Jeff Stingley represented the seller in the transaction, while Ben Weddington of CBRE in Atlanta arranged financing for the buyer using a Freddie Mac Small Balance Loan.
Chapel Hill Apartments represents a value-add opportunity ideally located near surrounding employers between the South Johnson County office market and Cerner’s Innovations Campus, an unprecedented development project where Cerner is expected to bring more than 16,000 new jobs to the area. Property highlights include large floor plans averaging 1,067 square feet, an opportunity for systematic interior unit upgrades to drive rents and 96 percent occupancy at closing.