Northmarq facilitates sale and financing of 444-unit multifamily portfolio in Lawrence, KS
LAWRENCE, Kan. — Northmarq’s Investment Sales and Debt + Equity teams successfully closed the sale and financing for a four-property multifamily portfolio in Lawrence, Kansas, totaling 444 units.
The portfolio includes:
- Remington Square | 224 units | 4100 W 24th Place.
- Ironwood Court | 108 units | 1501 George Williams Way.
- Park West Gardens | 70 units | 445 Eisenhower Terrace.
- Park West Townhomes | 42 units | 5213-5247 Eisenhower Terrace, 405-423 Eisenhower Lane, 417 Eisenhower Drive.
Northmarq’s Kansas City-based Multifamily Investment Sales team, led by Casey Wilhm, Jeff Lamott and David Belpedio represented the seller, Hall Equities Group. This marks the second time the team has brokered the sale of this portfolio.
Northmarq’s Phoenix Debt + Equity team of Bryan Mummaw and Bryan Liu secured acquisition financing for part of the portfolio on behalf of the buyer, Bridge Partners, through Northmarq’s in-house Fannie Mae DUS team. The full-term interest-only loan featured a 70% loan-to-value ratio and 4.70% all-in rate.
"Northmarq is proud to represent repeat clients in this transaction involving four very distinct properties,” said Wilhm. “Having sold more than fifty assets in Lawrence, this sale reflects the same robust demand we see for stabilized assets across the greater Kansas City region.”
“Northmarq is pleased to announce another successful partnership with Fannie Mae to provide a low fixed-rate acquisition financing solution for a repeat relationship looking to expand their footprint in the market,” said Mummaw. “Through the underwriting process, we were able to upsize the loan $1.6 million and reduce the borrower's equity contribution.”
With all properties currently leased at 100% occupancy, the portfolio features classic mid-2000s construction and has been professionally managed and meticulously maintained. The unit mix ranges from studios to five-bedroom townhomes, catering to a broad tenant base.
Located in West Lawrence, the properties benefit from proximity to major employers, top-rated schools, and the University of Kansas, which enrolls more than 30,000 students annually.
The Lawrence multifamily market continues to outperform regional peers, with submarket vacancy rates as low as 2% and annual rent growth exceeding 4.6%. The portfolio’s location offers coveted connectivity — just 45 minutes from downtown Kansas City and 15 minutes from Panasonic’s new $4 billion battery plant, which is expected to generate 8,000 jobs.
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