CHICAGO and KANSAS CITY, Mo. – October 2, 2020 – Berkadia today announced the sale and financing secured for the Wichita 5 Portfolio, comprised of five garden-style, multifamily properties located across the Wichita, Kansas MSA. Berkadia’s Mid Markets Group including Senior Managing Director Alex Blagojevich, Managing Director Michael Sullivan, Director Brett Meinzer and Associate Director Dominic Martinez closed the portfolio sale on August 31.
Senior Managing Director Peter Benedetto of Berkadia’s Detroit office secured the Fannie Mae financing on behalf of the buyers, Colorado-based Monarch Investment and Management Group.
“Nearly 200 companies reviewed the offering, demonstrating the demand for quality assets in tertiary markets like Wichita,” said Blagojevich. “Overall, the transaction was a success as the seller was delivered surety of close by a strong company that performed on extremely competitive terms, and the buyer was able to immediately add a well-managed, stable group of assets to their portfolio.”
The following properties are included in this portfolio:
- Eastgate is located at 632 S Eastern St. in Wichita, Kansas. The 108-unit property features one-, two- and three-bedroom floor plans with community amenities including a swimming pool and a clubhouse.
- High Point East, located at 9400 E Lincoln St. in Wichita, Kansas, features one-, two- and three-bedroom floor plans. Residents of the 216-unit property are afforded access to community amenities like laundry facilities, a fitness center and an outdoor area with grilling stations. Residents are afforded convenient access to Harrison Park.
- Morgan’s Landing is located at 3801 W 13th St. N in Wichita, Kansas. The 182-unit multifamily property features studio, one- and two-bedroom floor plans. Community amenities include a clubhouse and a playground.
- Springcreek, a 122-unit affordable housing property, is located at 1804 E Osage Road in Derby, Kansas. The property features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include laundry facilities and a basketball court. Residents are also afforded convenient access to High Park.
- Northridge Crossing Apartments, located at 513 E Northview Road in McPherson, Kansas, features one-, two- and three-bedroom floor plans. The 68-unit affordable housing property offers residents access to community amenities including laundry facilities and a playground. Residents are afforded convenient access to Highway 81.