Berkadia has arranged the sale of The Kings, a 408-unit, garden-style community in Kansas City, Mo. Stoneweg purchased the property from Sundance Bay and Drake Real Estate Partners, for $27.7 million, according to Yardi Matrix data. Bellwether Enterprise Real Estate Capital originated a $20.8 million, 10-year Fannie Mae loan to finance the acquisition.
Berkadia’s Senior Managing Director Alex Blagojevich, Senior Director Michael Sullivan and Director Brett Meinzer worked on behalf of the seller in the deal. Recently, another Berkadia team facilitated the $47 million sale of a 291-unit community outside Fort Lauderdale, Fla.
The Kings is a 15-building property that occupies more than 20 acres at 11330 Colorado Ave., 14 miles south of downtown Kansas City. The property is alongside Interstate 49, within 2 miles of a cluster of eateries and shopping options on Blue Ridge Boulevard.
Constructed in two phases in 1975 and 1987, the structures encompass a mix of studio, one-, two- and three-bedroom units, averaging 824 square feet. Property amenities include a fitness center, a clubhouse, a playground, two swimming pools, a spa and laundry facilities. The Kings was renovated in 2016 and the buyer plans to further upgrade the unit finishes and community amenities.
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