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