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Repositioned Apartments Mark Buyer’s Entry into Kansas City
NorthMarq’s Kansas City investment sales team of managing director Jeff Lamot and VP Gabe Tovar completed the $35.5-million sale of Park 67, a 352-unit community in the suburban Kansas City submarket of Shawnee, KS. NorthMarq represented the seller, Worcester Investments. The buyer was Greystone Capital Holdings LLC., making its initial entry into the Kansas City market.
Park 67 was built in 1969 and recently achieved rent premiums on 30% of the units through full interior upgrades. It features a resort-style swimming pool, fitness center, playground, on-site laundry facilities and a business center
The property operated in the affordable housing program for many years and was among the last large-scale communities in the submarket to receive a full reposition.
“Park 67 has significant proven upside in what is already a high rent growth submarket,’ said Lamont. “Being able to immediately scale within the area on 352 units was compelling to the buyer.”
- ◦Sale/Acquisition


