KANSAS CITY, MISSOURI (March 4, 2022) — Gabe Tovar and Jeff Lamott, investment sales advisors in Northmarq’s Kansas City office, brokered the sale of Centropolis on Grand, a 56-unit mid-rise apartment building in the urban core of Kansas City, Missouri. Northmarq represented the seller and developer, KC Commercial Realty Group, and is arranging permanent financing on behalf of the buyer, Oaks Properties.
Centropolis on Grand is situated within the vibrant River Market neighborhood of Kansas City, and steps from the bustling City Market featuring an eclectic mix of local dining and boutique shops in an open-air setting. Northmarq has been involved with the Centropolis apartments since its construction in 2016 when Greg Duvall, managing director (Northmarq Kansas City), arranged permanent financing on the developer’s behalf as they originally planned to hold the asset long-term.
“Sale prices are at an all-time high as investors compete for assets and reduce their yield requirements to successfully deploy equity. As a result, our clients are continually evaluating business plans and opportunities to capitalize on the current cycle,” said Tovar. “With Centropolis, we were able to provide consistent pricing updates, recommend a positioning strategy for the developer’s sale, and defease the prior loan and close within 31 days to a new out-of-state investor completing a 1031-exchange.”
Oaks Properties is a Minneapolis-based investor and developer. Centropolis serves as Oaks’ first investment in the Kansas City market.