Northmarq closes $11.7M sale and financing on The Bluffs apartments in Kansas City

GLADSTONE, Mo. — Northmarq’s Kansas City Investment Sales team has brokered the $11.7 million sale of The Bluffs, a 138-unit multifamily community located at 7005 N. Bales Ave. in Gladstone, Missouri, a growing suburb in the Kansas City metro.

The team, led by Jeff Lamott and Casey Wilhm, represented the seller, Axiom - The Bluffs LLC The buyer was Rudolph Munzel and Alexander Munzel.

"The Bluffs was uniquely positioned for a systematic renovation by a new ownership with 98% units in classic condition,” Lamott said. “We were thrilled to capitalize on our national platform to source a 1031 buyer from the Northwest who was looking to expand their footprint in the Kansas City MSA.”

Northmarq also arranged $7.5 million in acquisition financing for the buyer through its in-house Fannie Mae DUS platform. The five-year loan was structured by John Duvall of Northmarq’s Debt + Equity team.

The Bluffs offers spacious studio, one- and two-bedroom apartment homes with walk-in closets and private balconies in the heart of Gladstone, minutes away from downtown Kansas City. Residents enjoy a variety of community amenities, including a swimming pool, laundry facilities, outdoor playground, and convenient access to dining, entertainment and recreation.