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Thursday, July 11, 2019
Suburban KC Community Changes Hands

  

By: Laura Calugar

Source: https://www.multihousingnews.com/post/suburban-kc-community-changes-hands/

Block Real Estate Services and Thackeray Partners took out a $40 million Fannie Mae loan to finance the acquisition of the 408-unit Barrington Park Townhomes in Lenexa, Kan.

 

Sillman Enterprises has sold Barrington Park Townhomes, a 408-unit community in Lenexa, Kan., following more than 15 years of ownership. According to Yardi Matrix data, Block Real Estate Services and Thackeray Partners purchased the 80-building property using a $40 million Fannie Mae loan originated by Greystone Servicing Corp.

Located at 10963 Richards Court in Johnson County, the Class B asset is close to the junction between interstates 35 and 435, less than 20 miles from downtown Kansas City, Mo. The community includes one-, two- and three-bedroom townhouse units, with floorplans ranging between 1,250 and 1,800 square feet. The owner plans to add a new clubhouse, fitness facility, pool, playground, outdoor kitchen and grilling area in 2020, according to the property website.

Block Multifamily Group is in charge of operations at the 1985-built property. Cohen-Esrey Communities had managed the asset under the previous owner. As of May, Barrington Park was 95.6 percent occupied, per Yardi Matrix.

At the beginning of the year, Thackeray acquired Crestmark Apartments in suburban Atlanta for $44.9 million as part of a joint venture with Fogelman Partners. The 334-unit Class B community was 98 percent occupied at the time of the sale.

Tags:    Multifamily Real Estate   Block Multifamily Group   Block Funds   Block Real Estate Services   Multifamily   Apartment investment   Multifamily Investment   BRES