Northmarq arranges sale and financing of Eagle Ridge apartments in Lawrence, KS

LAWRENCE, Kan. — Northmarq’s Kansas City Multifamily Investment Sales team consisting of Jeff Lamott, Casey Wilhm and David Belpedio arranged the sale  of Eagle Ridge apartments in Lawerence, Kansas.  The Kansas City Debt + Equity team led by John Duvall arranged the Freddie Mac loan assumption and placed a new supplemental loan.  Eagle Ridge is a 148-unit garden apartment community built in 1994 and is located at 530 Eldridge St. in Lawrence, Kansas.

Northmarq represented the seller, ARTISAN CAPITAL Group. The buyer was Westport Residential LLC.

"Our team was thrilled to take ARTISAN Capital full cycle on this community which offered a proven value-add potential on 44% of the units that were still in classic condition,” Lamott said. “Lawrence has become a lucrative tertiary market for multifamily investments with limited new supply, high organic rent growth, low vacancy, and desirable proximity to the Kansas City MSA.”  

“Working with repeat Northmarq sponsors who are experienced, prompt, and hardworking always makes things smoother — on this deal, both buyer and seller delivered on all counts,” Duvall said.

Built in 1994, Eagle Ridge offers residents two standardized all-electric floor plans with modern or classic kitchen finishes.  Community amenities include on-site laundry, clubhouse, outdoor fire pit, picnic areas, and a pet park with a washing station.

Eagle Ridge is located in a quiet neighborhood with quick access to U.S. Highway 59 and close proximity to Hwy. 70. It is nearby convenient shopping and dining, a five-minute commute to Kansas University, and it boasts close proximity to Centennial Park, Clinton Lake, Lawrence Country Club, Spencer Museum of Art, Booth Family Hall of Athletics, Deerfield Park Skatepark, and the Lawrence Loop Trailhead.