Weidner Shops in Kansas
- Jul 07, 2015
There was a bidding race in Wichita, Kan. for an apartment complex and Weidner Apartment Homes has made it to the finish line.
The Kirkland, Washington-based company bought the 342-unit multifamily complex located at 2701 S. Emporia St. in Wichita for an undisclosed amount from a Florida-based private investor.
Marcus & Millichap’s Kansas City, Kan. office with Brett Meinzer Michael Sullivan, and Grant Kollman, along with Alex Blagojevich in the firm’s Tampa office and David Gaines in the Chicago office represented the seller. Greg Bayes, in the firm’s Kansas City office, is the firm’s broker of record in Kansas.
“Because Weidner was coming into a new market, they were very attracted to the size of the asset, from both a unit standpoint and from a capital standpoint,” Michael Sullivan, senior associate at Marcus & Millichap told CPE. “Given that The Shores offers 342 units and the fact that this would be Weidner’s only asset in Wichita, they were comfortable with the initial efficiencies of the property’s operations. They were also attracted to the mid-1980’s vintage, the overall condition of the asset, and the fact that all of the units included washer and dryer hookups.”
Built in 30 years ago, The Shores Apartments consists of 19 three-story properties with 174 one-bedroom/one bath units and 168 two-bedroom/two-bath units.
Amenities include spacious floor plans, private patios/balconies, and large eat-in kitchens with vinyl flooring, dishwashers, disposals and ovens with ranges. Some units will include washers, dryers and fireplaces. Community amenities include a large pool, a clubhouse, a business center, a fitness center, aplayground, a tennis court, on-site management and maintenance staff, dry cleaning services and laundry facilities, according to a news release.
The property garnered 11 initial offers and seven best and final offers.
“Out of the groups interested, Weidner stood out because of their ability to close the transaction on an all-cash basis in a relatively short amount of time,” Sullivan added. “We were able to complete the transaction in less than 45 days from the execution of the purchase and sale agreement. Also, Weidner is very well capitalized and boasts an impressive track record and reputation.”