CHICAGO and KANSAS CITY, Mo. – September 19, 2018 – Berkadia today announced the sale of Plaza East, a garden- and townhome-style multifamily property in Kansas City, Missouri. Director Brett Meinzer and Senior Director Michael Sullivan of Berkadia’s Kansas City investment sales team, along with Managing Director Alex Blagojevich of the Chicago office, completed the sale on behalf of a local private partnership. The buyer was Time Equities Inc., a full-service New York City-based real estate firm, and was represented in-house by Clifton Martin, Director of Acquisitions and Asset Management. The deal closed on August 22.
“This sale speaks to the continued demand in the national marketplace for true, value-add deals. Our team was able to attract East Coast-based capital that quickly closed the transaction with a combination of cash and 1031 capital,” said Meinzer. “Time Equities recognized and understood the opportunity to acquire one of the largest assets in proximity to the Country Club Plaza.”
“We have acquired several assets in the Kansas City area over the last two years and are bullish in the overall direction of the market, thus our push to invest in income-producing multifamily properties like Plaza East,” said Clifton Martin. “This quality garden-style apartment complex fits nicely within our diverse Midwest portfolio, especially considering that the market fundamentals in the region are strong and will result in value appreciation over time.”
Located at 1500 E. 46th St., Plaza East is conveniently accessible to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City. The property was originally constructed in 1950 and has been partially upgraded over the last three years. The 380-unit property offers one- and two-bedroom apartment flats, as well as 225 two- and three-bedroom townhomes that include washer and dryer hookups, dishwashers and hardwood floors.