Northmarq’s Kansas City office brokers $46.65 million sale and financing of multifamily portfolio in Lawrence, Kansas

LAWRENCE, KANSAS (August 23, 2022) - Jeff Lamott, managing director, and Gabe Tovar, senior vice president of Northmarq’s Kansas City investment sales team, collaborated to arrange the $46.65 million sale of a two-property multifamily portfolio. The 404 combined units are located in Lawrence, Kansas. Northmarq represented the seller, a partnership between CAPREIT & Dome Equities. David Link with the Denver Northmarq debt & equity team arranged new agency acquisition financing for the buyer, Griffis/Blessing, Inc.

“The portfolio resides in West Lawrence, a locale that rivals Overland Park demographics in the Kansas City Metro just 30 minutes away. Both communities benefited from institutional management and on-going capital expenditures allowing new ownership to focus immediately on the proven revenue-generating interior unit upgrades,” said Lamott.

Aberdeen is a class B+ community built in two phases on non-contiguous parcels known as Aberdeen North and Aberdeen South. All units feature fully equipped kitchens and washer/dryers, while many units enjoy private patios or balconies and vaulted ceilings. Community amenities include a new 24/7 Amazon Hub for package deliveries, 24-hour access to a cardio and strength fitness center, a dog park, and an outdoor resident lounge with a barbeque grilling area and fire pit. 

Alvadora is a class A community proximate to the rapidly growing West Lawrence retail corridor, the Lawrence Indoor Aquatic Center and the Sports Pavilion. Unit amenities include fully equipped kitchens with glass-top ranges and designer cabinetry, washer/dryers, 9-foot ceilings and in-home, resident storage. Detached garages are available for rent. The clubhouse features a 24/7 business center and cardio fitness center, while outdoor amenities include a resident lounge area, barbecue grills and a fire pit.