Holliday Fenoglio Fowler, L.P. has closed the sale of The Mansion, a 550-unit multi-housing community in Independence, Missouri.
HFF marketed the asset on behalf of the seller, an affiliate of TIAA-CREF. Aragon Holdings, LLC purchased the property free and clear of existing debt using funds from its discretionary Aragon Multi-Family Fund IV.
The Mansion is situated on 32 acres at 2905 South Lee’s Summit Road near Interstates 70 and 470 and Highway 291 in Independence, approximately 12 miles southeast of downtown Kansas City. The garden-style apartments have one-, two- and three-bedroom units averaging 794 square feet each. The property features two swimming pools, hot tub, tennis courts, racquetball courts, state-of-the-art fitness center, business center and an historic 7,100-square-foot mansion that was designed by Wight and Wight in the mid-1910s.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and associate director Wick Kirby.
