KANSAS CITY – January 26, 2016 – Berkadia today announced the recent sale and financing of Broadmoor Apartments, a portfolio of multifamily properties in Saint Joseph and Jefferson City, Mo. Managing Director Kenneth P. Aston, Jr. and Director Andrea Kendrick of the Saint Louis office worked with Senior Director Phillip S. Brimble of the Kansas City office to complete the transaction that closed on December 31. Senior Managing Directors Jonathan Gilfillan and Cutt Ableson of the Houston office originated the acquisition loan for the properties through Freddie Mac.
Broadmoor Apartments of Saint Joseph Limited Partnership, based in Chesterfield, Mo., sold the properties in order to focus its efforts on newer properties in other markets. The buyer, Cottonwood HC3 LLC of Omaha, Neb., was attracted to the portfolio’s value-add investment potential, and plans to renovate units and update the properties.
“Working closely with the Houston team allowed us to provide the buyer with attractive loan terms and reach a sale that satisfied both parties,” Kendrick said. “This combined offering of mortgage banking and investment sales is unique to Berkadia, and grants us the ability to navigate deals such as this in order to bring our clients the very best service and terms they seek.”
Built in 1978, Broadmoor Saint Joseph is located at 3601 Gene Field Road. The 385 units feature one-, two- and three-bedroom floor plans. Unit amenities include fully equipped kitchens, patios or balconies and oak cabinets. Select units have hookups for washers and dryers. Community amenities include a swimming pool, an on-site laundry facility, playground, a clubhouse and tennis and basketball courts. The property is approximately two miles from the East Hills Shopping Center, four miles from Saint Joseph Civic Arena and is near top employers such as Heartland Medical Center, WireCo WorldGroup, Missouri Western State University, and Western Reception, Diagnostic and Correctional Center.
Broadmoor Jefferson City, also built in 1978, is comprised of 240 units featuring one-, two- and three-bedroom floor plans. Located at 505 Ellis Boulevard, the property boasts similar unit and community amenities as its Saint Joseph counterpart. Broadmoor Jefferson City is conveniently located near U.S. Route 54 and Missouri State Highway 179 — roughly one mile from the Oak Hills Golf Center and less than seven miles from Capital Mall. Top employers in the area include SSM Health, Scholastic Corporation, Capital Region Medical Center and ABB Group.