Marcus & Millichap closed the sale of Whispering Lake Apartments, a 384-unit multifamily complex in Kansas City, Missouri. The terms of the sale were not released.
Brett Meinzer, Michael Sullivan and Grant Kollman, all in Marcus & Millichap’s Kansas City, Kansas, office, and Alex Blagojevich in the company’s Tampa office, and David Gaines, in its Chicago downtown office, represented the seller, Baltimore-based MMA Capital Management. The buyer is L5 Investments, based in El Dorado Hills, California.
Built in 1989, Whispering Lake Apartments is about 10 miles southeast of Kansas City’s downtown area near interstates 70 and 435. The property consists of 17 three-story buildings and features one- and two-bedroom units that average 767 square feet.