12/3/2007

Kansas City apartments on the block for $41M

by

New Mark Apartments

Oak Brook at New Mark

Hendricks & Partners has been hired to market the 622-unit New Mark Apartments in Kansas City, Mo. The multi-family property has an asking price of $41 million, or $66,000 per unit.

H&P's Phillip Brimble and Jeff Lamott are representing the seller, Kansas City-based Tower Properties Co.

The property was developed by Tower Properties in five phases between 1971 and 2003 and is being sold with a 7.26 capitalization rate. It is situated on 48.7 acres and is currently 95 percent leased. The complex consists of studio, one- and two-bedroom units.

Address: 400 NE 103rd St., Kansas City, Mo.

Size: 622 units

Built: 1971-2003

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Filed Under: Multi-Family

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