3/19/2008

Kansas City multi-family trades hands for $37M

by

The Village at LionsGate

Irvine, Calif.-based Passco Companies paid just over $37 million for The Village at LionsGate apartments in Overland Park, Kan. Houston, Texas-based USA Lions Gate LeaseCo, LLC was the seller.

The deal was brokered by William Powell of Hendricks & Partners' Kansas City office.

The Village at LionsGate is a 360-unit apartment located at 14631 Broadmoor St., in Overland Park, an affluent community situated approximately 20 miles south of Kansas City.

Passco plans to invest nearly $1 million in upgrades to the property and continue operating it as a residential rental community. The property had been owned and operated by the seller since 2003 and was delivered 98 percent occupied.

Address: 14631 Broadmoor St., Overland Park, Kan.

Size: 360 units

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Filed Under: Multi-Family

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