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| The Shores Apartments, 2701 South Emporia Street, Wichita, KS |
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| Brett Meinzer |
WICHITA, KS – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, has arranged the sale
of The Shores Apartments, a 342-unit
multifamily complex in Wichita, Kan.
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 the firm’s Tampa office, and David Gaines, vice president investments in the Chicago Downtown
office, represented the seller, a private, Florida-based investor.
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| Alex Blagojevich |
The buyer is Kirkland,
Wash.-based Weidner Apartment Homes. Greg
Bates, associate in the firm’s Kansas City, Kan. office, is Marcus &
Millichap’s broker of record in Kansas.
“The transaction was
completed all-cash and took less than 45 days to close,” says Meinzer. “After
an extensive national marketing campaign to private investors, we received
registration for information from over 100 buyers, garnered 11 initial offers
and seven ‘best and final’ offers.
"Based on the trailing 12 months’ net
operating income, the sale closed at a 5.84 percent cap rate.”
The property is located at
2701 South Emporia St.,
approximately three miles south of Wichita’s central business district and near
Interstate 235 and U.S. routes 81 and 400.
Built in 1985 on 10.5
acres, The Shores Apartments consists of 19 three-story buildings with 174
one-bedroom/one-bath units and 168 two-bedroom/two-bath units.
Apartment
amenities include spacious floor plans, private patios/balconies, and large,
eat-in kitchens with vinyl flooring, dishwashers, disposals and ovens with
ranges.
Select units include
washers and dryers and fireplaces. Community amenities include a large pool, a
clubhouse, a business center, a fitness center, a playground, a tennis court,
on-site management and maintenance staff, dry cleaning services and laundry
facilities
For a
complete copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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