NorthMarq’s Kansas City’s investment sales team of Jeff Lamott, managing director, and Gabe Tovar, vice president, completed the sale of Park 67, a 352-unit community in the highly sought-after suburban Kansas City submarket of Shawnee, Kansas.
NorthMarq represented the seller, Worcester Investments, a large Kansas City-based investor with more than a decade-long portfolio of holdings. The buyer was Greystone Capital Holdings LLC., a Charlotte, North Carolina-based investment company. This acquisition is Greystone’s initial entry into the Kansas City market.
Park 67 was built in 1969 and recently achieved proven rent premiums on 30 percent of the units through full interior upgrades. The property features a resort-style swimming pool, fitness center, playground, on-site laundry facilities and a business center. The property was originally operating in the affordable housing program for many years and is one of the last large-scale communities in the submarket to receive a full reposition.