KANSAS CITY, MISSOURI (September 29, 2022) – Gabe Tovar, senior vice president, and Jeff Lamott, managing director, of Northmarq’s Kansas City investment sales team arranged the sale of The Element By Watermark, a newly constructed 276-unit, Class A apartment community in Kansas City, Missouri.
The community was developed by Thompson Thrift Residential, a national leader in the development, construction and management of upscale apartment communities and luxury leased homes. “Our platform strives to engage beyond the mechanics of a transaction and bring an advisory approach to each phase of acquisition, development, and disposition. The team at Thompson Thrift is world-class and we’ve been fortunate to partner with them on multiple projects in Kansas City,” said Tovar.
Daniel Trebil, managing director of Northmarq’s Minneapolis office, secured $38.9 million in acquisition financing for the three-story, suburban garden community, located at 8101 Northwest Barrybrooke Drive on behalf of Minneapolis-based Timberland Partners. Northmarq arranged the permanent, fixed-rate financing for the borrower through its Fannie Mae DUS program.
“Through our longstanding relationship with Timberland we were able to work diligently with our Fannie Mae team to close the transaction through a volatile wave in the capital markets,” said Trebil.
Built in 2021, The Element by Watermark features a unique mix of one-, two-, and three-bedroom units with top-of-the-line finishes. Amenities include a resort-style swimming pool with sundeck and cabana, a spa/hot tub, recreation room, clubhouse, state-of-the-art fitness center, grill areas and outdoor fire pits. The property is situated in Platte County near the intersection of Interstate 29 and Barry Road, the submarket’s largest commercial hub brimming with destination retailers, restaurants, and entertainment.