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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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