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KC-Area Apt. Portfolio Trades for $18.5M
Marcus & Millichap has arranged the sale of a three-property apartment portfolio totaling 455 units in Independence, MO. The portfolio sold for a total of $18.5 million, with occupancy above 95%.
Bradley Barham of Marcus & Millichap’s Chicago office and Logan Weaver of the Kansas City office represented the seller and buyer.
“Over the last few years, value-add opportunities have been aggressively sought after and purchased in the Kansas City market,” said Weaver. “Now, with less obvious opportunities available, we are starting to see a trend with buyers getting more creative in their approach—whether it’s with management plays, adding unique amenities, etc.”
The three properties are located in Independence along Truman Road. Included in the portfolio were:
• The 193-unit Cimmaron at 1011 E Stone Arch Dr. (pictured)
• The 108-unit Hillside Apartments at 111 Hillside Dr. and 16333 E. Truman Rd.
• The 154-unit Sterling 24 Apartments at 530 Sundown Dr.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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