Northmarq completes $11 million sale of a 194-unit portfolio outside Kansas City Metro

St. Joseph Portfolio
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KANSAS CITY, MISSOURI (February 20, 2023) — Jeff Lamott and Gabe Tovar of Northmarq’s Kansas City-based investment sales office arranged the $11 million sale of a 194-unit St. Joseph portfolio near Kansas City. Northmarq exclusively represented the seller, Worcester Investments, in the transaction. 

“This portfolio offered the rare opportunity to acquire both garden-style and urban loft communities that have not received recent systematic updated interiors to capture full market rents. The city of St. Joseph is the third largest exporter in the state of Missouri and is a thriving tertiary market for investing in stable workforce housing communities,” said Lamott. 

Located only 30 minutes from the Kansas City Metro, St. Joseph is a manufacturing hub with a thriving workforce. The portfolio offers both garden-style and urban loft communities that provide immediate access to the city’s major throughfare, regional retail centers, and top regional employers for residents.

City View Lofts: Originally built in 1915 as St. Joseph Junior College, City View was redeveloped in into spacious loft homes with all the historic charm. Located at 201 South 10th Street, the 60-unit community offers panoramic skyline views that overlook the heart of the city’s revitalized historic downtown district. Each loft is unique with hardwood or carpet flooring, up to 18-foot ceilings and spacious walk-in closets. Community amenities include controlled access entryways, resident elevator, private off-street parking, and laundry facilities.

Summit Place: Within the historic Hall Street District, Summit Place is just two blocks away from City Hall that overlooks the six-acre Civic City Park. The community offers 23 units of one-, two-, and three-bedroom homes with spacious floor plans. Built in 1901 and adjacent to the Cathedral of St. Joseph Catholic Church, Summit Place is located at 516 North 10th Street and is ideal for residents who want a live, work, and play lifestyle. Communities include a laundry facility and off-street parking.

Eugene Field: Just one block away from Summit Place at 425 North 11th Street, Eugene Field offers 15 one- and two-bedrooms units and convenient access to the suburban retail corridor. Built in 1900, the community is only two blocks away from Civic Center Park and St. Joseph’s Public Downtown Library. Community amenities include private off-street parking, laundry facilities, and open green space to add a pet park and resident grilling stations.

Frederick Apartments: The 96-unit multifamily property was originally built in 1958 and is located at 2901 Frederick Avenue. Frederick Apartments is just one mile from the city’s thriving retail corridor and major highway access point for residents to access the greater Kansas City metro. The community offers large two- and three-bedroom homes with well-maintained interior finishes. Community amenities include laundry facilities, grilling stations, picnic area, available storage units, playground, carports, on-site maintenance, and a leasing office.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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