OVERLAND PARK, KANSAS (March 19, 2020) – NorthMarq’s Kansas City and Chicago offices arranged the sale and financing of the 254-unit Country Club on 6th and 148-unit Eagle Ridge Apartments located in Lawrence, Kansas. The combined $25+ million in volume represents the buyer’s first acquisitions into the collegiate town just outside of Kansas City.
NorthMarq’s Kansas City Investment Sales team of Jeff Lamott, managing director and Gabe Tovar, associate vice president, represented the sellers on both transactions. Brett Hood with NorthMarq’s Chicago debt/equity team arranged the financing on behalf of the buyer.
“The properties offer remarkable upside for a new owner to capitalize on planned unit upgrades in a vibrant tertiary market already benefiting from these types of renovations,” said Lamott. “Our debt/equity team shared a long-standing relationship with the buyer and delivered the opportunity of not one, but two assets in a new market for them. This is a prime example of NorthMarq’s platform connecting capital into often overlooked markets through collaboration of our sales and financing teams.”
“Both of these multifamily properties were investment sales deals sourced by our Kansas City team, Freddie Mac provided maximum proceeds and strong pricing, including AON pricing for Eagle Ridge Apartments and Country Club on 6th,” said Hood.