MISSION WOODS, KANSAS (January 7, 2021) – Jeff Lamott, managing director and Gabe Tovar, vice president of NorthMarq’s Kansas City investment sales team has closed the sale of a two-property portfolio consisting of 237 units in Liberty, Missouri.
Skyline, 93 units, and Westowne, 144 units, are sister properties located within a five-minute drive of each other and situated near the Liberty Triangle, one of Kansas City’s largest retail and entertainment corridors. Both properties are served by the accredited Liberty School District and benefited from substantial exterior and interior upgrades prior to sale.
“This offering was pursued privately prior to listing and the engagement of our platform led to a contract within four days of marketing. While COVID interrupted the buyer’s 1031 down leg, we were able to navigate the then-evolving inspection and financing environments while closing at a sub-5 cap rate for this 70’s vintage portfolio,” said Tovar.
“We share much credit on this transaction, and others, with our clients’ management teams for their ongoing diligence throughout an extraordinary year. The success in transactional business continues to be built on trusted relationships,” said Lamott.
NorthMarq represented the seller, Clarity Equity Group, and sold the portfolio to a private capital investor based in Utah.