NorthMarq’s Jeff Lamott arranges three sales for repeat client totaling a combined $10,425,000 sale
KANSAS CITY, MISSOURI (April 24, 2019) – Jeff Lamott, managing director of NorthMarq’s investment sales division in the Kansas City-based regional office arranged the $10,425,000 sale of three multifamily properties in Missouri. The properties represent a combined 270-units and are located throughout the Kansas City metro. The new ownerships are based out of California, as well as the Midwest.
“The Worcester Portfolio was comprised of market rate workforce housing assets that traded in the mid-4% cap range on actual in-place financials,” said Lamott. “The assets presented new ownerships rare opportunities to reposition well-located properties through rent generating unit renovations that will achieve favorable investment returns in the first couple years. We have been proud to represent Worcester Investments since 2016 to achieve top-of-the-market pricing for their investors.”
Northcrest Apartments is a 151-unit multifamily property located in Riverside, Missouri. The property included an additional clubhouse that wasn’t being utilized, which is ideal for repositioning into a new resident center with modern community amenities. The desirable north Kansas City site is located in the highly-rated Park Hill School District and on the Line Creek Running & Biking Trail. The buyer was a regional owner, and the property received strong interest with multiple offers from investors throughout the country.
Rock Ridge Ranch & Belton Heights is comprised of 119-units located in south Kansas City, Missouri. Both properties offer deep value-added opportunities to new ownership through fresh unit upgrades, additional community amenities, and increasing the below market rents. The communities are located within a few miles of two major south Kansas City economic developments including the $4.5 billion Cerner Innovations Campus and NorthPoint Development’s new Southview Commerce Center. Both developments are projected to create a combined +17,000 new jobs in south Kansas City.
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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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
