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| Whispering Lake Apartments, metro Kansas City, MO |
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| 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.
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| 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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