CBRE Group Inc. Announces Sale of Rosehill Pointe Apartments
- Apr 15, 2012
CBRE Group Inc. has announced the sale of the 498-unit Rosehill Pointe Apartments in Lenexa. The garden-style community, located at 12701 W. 88th Circle, was built in 1985 and has benefited from over $1.4 million in capital repairs since 2007.
The property was acquired by Kansas City-based Maxus Realty Trust for $28.75 million or approximately $57,731 per unit. Located on 30.52 acres just off 87th Street, Rosehill Pointe Apartments has prime access to Lenexa’s primary commercial corridor.
The property was marketed by CBRE as a value-added opportunity and Chad Sneed, Maxus’ Director of Acquisition, said the company plans to spend over $1 million on unit and amenity upgrades within the first year.
Jeff Stingley of CBRE facilitated the sale of the asset on behalf of the owner, New York-based CLK Multi-Family and an affiliate of Houlihan Parnes Realtors, LLC according to metrowirekc.com.
In other news, Kansas City Business Journal reports 46 Summit Redevelopment Corp. plans to submit a proposal to the Kansas City Council to amend the Plaza Steppes Redevelopment Plan, allowing the construction of up to 246 market-rate apartment units.
The eight- or nine-story building would be built between 46th and 47th streets and Summit and Jefferson streets. At the moment that block includes a 17-story Sheraton hotel and the headquarters of Polsinelli Shughart PC. Original plans envisioned senior housing and assisted-living projects behind the two buildings.
The new project would replace the Colonial Courts apartments adjacent to Jefferson and 46th streets. The Plaza Steppes block has Chapter 353 designation, with 100 percent of property taxes abated for 10 years and 50 percent for the following five years.
Photo Credits: www.cbremarketplace.com