Northmarq’s Kansas City office brokers the $35.5 million sale of Park 67 Apartments in Shawnee, Kansas
SHAWNEE, KANSAS (October 27, 2021) – Northmarq’s Kansas City’s investment sales team of Jeff Lamott, managing director and Gabe Tovar, vice president completed the sale of Park 67, a 352-unit community located in the highly sought-after suburban Kansas City submarket of Shawnee, Kansas. Northmarq represented the seller, Worcester Investments, a large Kansas City-based investor with over a decade-long portfolio of holdings. The buyer was Greystone Capital Holdings LLC., a Charlotte, NC based investment company. This acquisition is their initial entry into the Kansas City market.
Park 67 was built in 1969 and recently achieved proven rent premiums on 30% of the units through full interior upgrades. The property features a resort-style swimming pool, fitness center, playground, on-site laundry facilities and a business center. The property was originally operating in the affordable housing program for many years and is one of the last large-scale communities in the submarket to receive a full reposition.
“We are very excited to continue the proven value-add program and modernize the rest of the community to offer residents a quality living experience within a premier submarket in Kansas City,” said Graystone CEO Jim Zacharias. “Repositioning these well-located core workforce housing properties near nationally ranked schools, premier retail centers, and top employers is what we have built our reputation on. We are excited to bring that experience to Kansas City.”
“Park 67 has significant proven upside in what is already a high rent growth submarket. Being able to immediately scale within the area on 352-units was compelling to the buyer. We were excited to leverage our national Northmarq platform to identify another first to market ownership group to Kansas City,” said Jeff Lamott.
The sale comes in the context of mixed second quarter for the Kansas City multifamily market, according to Northmarq’s Q2 Kansas City Market Report. From the beginning of the year, however, far more multifamily properties sold during the second quarter than changed hands at the beginning of the year. Read the full report.
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