Passco Cos. sold The Village at Lionsgate, a 360-unit community in the Kansas City submarket of Overland Park, Kan. The buyer already owned a portion of interest in the asset and purchased the remaining interests in the property for a net sale price of $48 million. ARA Newmark Kansas City Vice Chairman Mac Crowther represented both the seller and the buyer in this transaction.
Located at 14631 Broadmoor St., The Village at Lionsgate provides easy access to Interstates 35 and 435, Corbin Park Shopping Center, Overland Pointe Marketplace, Town Center Plaza, Urban Air Overland Park and B&B Theatres Overland Park 16. Situated in the Blue Valley School District, the property is near Lakewood Elementary and Middle Schools, Blue Valley West High School, Sprint Campus, Honeywell Federal Manufacturing & Technologies and Cerner Innovations Campus. The community features one-, two- and three-bedroom units.
- business center
- billiards room
- fitness center
- gazebo with picnic tables
- coffee bar
- swimming pool
- barbecue grills
Passco brought the asset full cycle after a nearly 10-year hold period. “We initially acquired the asset prior to the recession, successfully operated it as cash flow positive throughout the downturn and sold it, achieving returns that were within our initial projections,” said Passco COO Alan Clifton, in a prepared statement.
The sale of this asset was also timed to capitalize on strong investor interest in the region. During ownership, Passco brought the average occupancy of the multifamily asset up to approximately 95 percent and achieved steady net effective rent growth.