Saturday, June 27, 2015

384-Unit Apartment Complex in Kansas City, MO Sold by Marcus & Millichap


Whispering Lake Apartments, metro Kansas City, MO

Brett Meinzer
KANSAS CITY, MO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Whispering Lake Apartments, a 384-unit multifamily complex in Kansas City, Mo. The terms of the sale were not released.

            Brett Meinzer, associate, Michael Sullivan, senior associate and Grant Kollman, associate, all in Marcus & Millichap’s Kansas City, Kan. office, along with Alex Blagojevich, vice president investments in Tampa, and David Gaines, vice president investments in Chicago Downtown, represented the seller, Baltimore-based MMA Capital Management.

The buyer is L5 Investments, based in El Dorado Hills, Calif. At the time of sale, Will Holman, senior associate in St. Louis, Mo., was Marcus & Millichap’s broker of record in Missouri. Brett Chetek, senior director of Marcus & Millichap’s National Retail Group in St. Louis, Mo., is the firm’s broker of record in Missouri.

Grant Kollman
“L5 Investments has budgeted for a $1.7 million rehab program that includes a complete remodel of the leasing center, business center, fitness center and model unit, added amenity areas, improved landscaping and interior upgrades,” says Meinzer.

“We procured 138 registered bidders, received 18 initial offers and 11 best and final offers, four of which contained immediate nonrefundable deposits,” adds Gaines. “We closed at a 5.43 percent cap rate based on the trailing 12 months’ net operating income.”

Built in 1989, Whispering Lake Apartments is located approximately 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.  
   
For a complete copy of the company’s news release, please contact:

Gina Relva, Public Relations Manager

(925) 953-1716

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