Sunday, January 25, 2015

Marcus & Millichap Handles $18.6 Million Multifamily Sales in Overland, KS

  
Town Center Aparstments, 6233 West 120th Street, Overland Park, KS

Alex Blagojevich
OVERLAND PARK, KS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Town Center Apartments, a 156-unit apartment complex located approximately 20 miles southeast of Kansas City in Overland Park, Kan.

The sales price of $18,600,000 equates to $119,000 per unit.

            Built in 1997 on nearly 14 acres, the 176,904-square-foot property is composed of 20 two-story buildings. The complex’s one-, two- and three-bedroom apartments average 1,134 square feet and features nine-foot ceilings with crown molding, in-unit washers and dryers and fully equipped kitchens. Select units have attached garages.

            Alex Blagojevich, vice president investments in Marcus & Millichap’s Tampa office, David Gaines, vice president investments in the Chicago Downtown office, Michael Sullivan, senior associate, and associates Grant Kollman and Brett Meinzer, in Marcus & Millichap’s Kansas City, Kan. office, represented the seller and the buyer.



David Gaines
Greg Bates, associate in the firm’s Kansas City office, is the Marcus & Millichap broker of record for Kansas.

            “Town Center Apartments features some of the largest floor plans in the submarket,” says Blagojevich.

“At the time of the sale, the property was operating at near capacity and is well positioned to continue to do so for the foreseeable future,” adds Gaines.

The complex is located at 6233 West 120th St. in Overland Park, across the street from the world headquarters of Sprint Corp., which employs 8,000 residents of the Kansas City metropolitan statistical area.

“Our combination of regional capital markets knowledge and local real estate expertise has helped us arrange the sale of more than 2,300 mid-market multifamily units for our clients year to date,” notes Meinzer.

 For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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