KANSAS CITY, Mo., Jan. 9, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment real estate investment services firm with offices throughout the United States and Canada, has announced the sale of View High Lake, a 309-unit multifamily property in Kansas City, Missouri.
“In addition to the apartment complex, the property was conveyed with a 31-acre land parcel to the south and an 18-acre developable land parcel to the north that will allow the new owner to create unique common area amenities, build additional apartment buildings or develop single-family homes,” said Nick Fluellen, senior managing director investments. Fluellen, Bard Hoover, senior vice president investments, and Max Helgeson represented the seller and procured the buyer. Brad Barham is Marcus & Millichap’s broker of record in Missouri.
“The sprawling lake adjacent to the community offers residents incredible lakeside views,” added Hoover. “The new owner now has the opportunity to further enhance the property and its earning potential by dressing up the lakeside grounds. By introducing features like a spacious deck with a pergola and an outdoor grill or firepit, the coveted lakefront units could command even larger premiums than are currently being achieved.”
Built in 1973, View High Lake is located between Lee’s Summit and South Kansas City near access to Interstate 470 and Highway 350. The Summit Woods Crossing and Summit Fair shopping centers are four miles away. Nearby employers include Cerner Corp., the Lees Summit R-7 school district, The National Benefits Center, The City of Lee’s Summit and Saint Luke’s Health System.
# # #
With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.