CBRE recently arranged the sale of two multifamily communities in suburban Kansas City totaling 468 units and $105 million. The June 2021 sales include Prairie Pines Townhomes in Shawnee, Kansas, and Kenilworth Apartments in Prairie Village, Kansas.
Individual sale prices and terms were not disclosed.
CBRE’s Jeff Stingley, Max Helgeson and Michael Spero represented the seller in each transaction.
Prairie Pines is a 220-unit luxury townhome community completed in 2019 by Hickok-Dible Company and located in the path of growth in western Johnson County. The project features two- and three-bedroom units that average nearly 1,900 square feet and include attached garages and partially finished basements in every unit. The community also features several modern amenities, including a 24-hour fitness center, resort-style pool, child-friendly splash pad and outdoor grilling space.
The property was sold to Kansas City-based Nolan Real Estate Services, a vertically integrated real estate company engaged in the acquisition, ownership and management of multi-family residential apartment communities and commercial properties in the Midwest and Texas.
Kenilworth is an iconic 246-unit community originally constructed in 1964 by JC Nichols Co. with a prominent location at the high-traffic intersection of 95th Street and Mission Road in north Johnson County. Kenilworth boasts large studio, one-, two- and three-bedroom units with large balconies or walk out patios for every unit. Best-of-class amenities include an indoor and outdoor pool, outdoor kitchen and grilling area and park-like setting with water features throughout the site.
The property was sold to Denver-based Avanti Residential, a vertically integrated investment and property management platform founded in 2005 that specializes in the acquisition, renovation, and optimization of multifamily real estate investments by leveraging unique expertise in market intelligence, deal sourcing and asset management to optimize investment yields and investor returns. Avanti Residential owns and operates 30 properties consisting of 7,038 units in Colorado, Arizona, Utah and Kansas.
