Jeff Lamott, managing director of NorthMarq’s investment sales division in the Kansas City regional office, arranged the $10.425 million sale of three multifamily properties in Missouri. The properties represent a combined 270-units and are located throughout the Kansas City metropolitan area.
The new ownerships are based out of California, as well as the Midwest.
Northcrest Apartments is a 151-unit multifamily property located in Riverside, Missouri. The property included an additional clubhouse that wasn’t being utilized, which is ideal for repositioning into a new resident center with modern community amenities. The desirable north Kansas City site is located in the highly-rated Park Hill School District and on the Line Creek Running & Biking Trail.
The buyer was a regional owner, and the property received strong interest with multiple offers from investors throughout the country.
Rock Ridge Ranch & Belton Heights is comprised of 119-units located in south Kansas City, Missouri. Both properties offer deep value-added opportunities to new ownership through fresh unit upgrades, additional community amenities, and increasing the below market rents.
The communities are located within a few miles of two major south Kansas City economic developments including the $4.5 billion Cerner Innovations Campus and NorthPoint Development’s new Southview Commerce Center. Both developments are projected to create a combined +17,000 new jobs in south Kansas City.