CB Richard Ellis facilitates sale of garden-style community in Kansas
August 06, 2010 | Staff Writer | Print Article | Email this Article
CB Richard Ellis recently handled the disposition of Lamar Place Apartments in Mission, Kansas. Jeff Stingley of CB Richard Ellis’ Multi-Housing Group facilitated the sale of the 108-unit garden-style community.
The offering generated significant interest when brought to market earlier this year, resulting in a local private-equity group purchasing the complex in July. The group paid $3.5 million for the property, a 7.5 percent cap rate on historic operations. The buyer, which has had considerable success with similar vintage product in the area, sees an opportunity to raise rents in coming years through various capital improvement projects.
CB Richard Ellis represented the seller in the transaction.
Tags | CB Richard Ellis, Kansas, Mission, multi-family
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