CHICAGO and KANSAS CITY, Mo. – October 31, 2019 – Berkadia announced today the sale of The Kings, a 408-unit garden-style multifamily property in Kansas City, Missouri. Senior Managing Director Alex Blagojevich of Berkadia’s Chicago office, along with Senior Director Michael Sullivan and Director Brett Meinzer of Berkadia’s Kansas City, Missouri office completed the sale. Berkadia represented the seller, a joint venture between Sundance Bay and Drake Real Estate Partners. The buyer was Florida-based Stoneweg US, LLC., who has been extremely active in the Kansas City Market, acquiring over 1,000 units in the last 3 months. The deal closed on September 19.
“Drake Real Estate Partners was an invaluable partner as we strategized together to confront the unexpected challenges that we encountered when executing our business plan,” said Craig Romney, Director of Asset Management at Sundance Bay. “Drake’s asset management team provided valuable feedback and understood the value of short-term sacrifices to maximize the performance of the portfolio.”
“Our success with the Kings properties was due in no small part to our productive partnership with Sundance Bay, who had a substantial local market presence, which in turn, translated into hands-on property management and an efficient unit renovation program,” said Jonathan Garonce, Partner at Drake Real Estate Partners. “This is Drake’s second successful exit with the Sundance team, and we sincerely appreciate the opportunity to work alongside a likeminded group who share our values, and who execute at a high level on both the desktop underwriting and physical management.”
Located at 11330 Colorado Ave., the property features studio, one-, two- and three-bedroom floor plans with dishwashers, granite countertops, hardwood floors, vaulted ceilings and walk-in closets. Community amenities include a clubhouse, a barbecue area, laundry facilities, a playground and two swimming pools. The property affords convenient access to Interstate 49, Kernoodle Lakes, Kernoodle Park and the shops and restaurants along Blue Ridge Boulevard. The asset is the combination of two previously separate properties renovated in 2016, and the buyer intends to further enhance and continue upgrading unit finishes and community features.