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.