CBRE Group recently sold the Rosehill Pointe Apartments in Lenexa, Kan.
Built in 1985, Rosehill Pointe is a 498-unit garden-style apartment community in Lenexa’s primary commercial corridor.
CBRE marketed the property as a value-added opportunity whereby the buyer could upgrade unit interiors and modernize the amenity package, thus enabling rent increases in coming years.
The offering generated significant interest from the largest local, regional and national apartment operators. The sale was completed in March, with Kansas City-based Maxus Realty Trust purchasing the property for $28.75 million, or about $57,731 a unit.
“We feel there is tremendous upside with the property as we plan to spend over $1 million in the first year on unit and amenity upgrades, “ said Chad Sneed, Maxus’ director of acquisitions.
CBRE Kansas City’s Jeff Stingley facilitated the sale on behalf of the asset’s owner, New York-based CLK Multi-Family and an affiliate of Houlihan Parnes Realtors, LLC. Stingley has closed seven apartment complex sales in the Kansas City area in the past 12 months.
