Berkadia Completes Sale and Secures Financing for Multifamily Property in Kansas
CHICAGO and KANSAS CITY, MO. – June 21, 2023 – Berkadia Institutional Solutions announced today the sale of and financing secured for Georgetown Apartments, a 395-unit garden-style multifamily property located in Merriam, Kansas. Senior Managing Director Pete Evans of Berkadia Chicago, Senior Director Michael Spero, and Director Kevin Jury, both of Berkadia Kansas City, completed the sale on behalf of the seller, New York-based Malkin Properties, and the buyer, Illinois-based ARTISAN Capital Group. The deal closed on June 5.
Managing Director John Schorgl, also of Berkadia Kansas City, secured a five-year full-leverage acquisition loan through Freddie Mac.
“This was a great acquisition for ARTISAN Capital Group and a fund managed by DRA Advisors, who were able to acquire one of the largest and most well-known apartment complexes in the heart of Johnson County,” said Schorgl. “This was a culmination of expert buyers with unparalleled due diligence capabilities and market knowledge. It was a pleasure for the Berkadia Mortgage Banking and Investment Sales teams to be a part of this closing.”
Designed by renowned Kansas City developer J.C. Nichols, Georgetown Apartments is located at 7200 Eby Drive and sits upon 33+ sprawling acres. The uniquely stately property features an array of studio through four-bedroom floor plans, paired with private balconies or patios. Community amenities include parlor rooms, a pub room with flatscreen TV and fireplace, billiards room, fitness center, indoor and outdoor swimming pools, clubhouse, an event space, laundry facilities, and more. Georgetown Apartments is centric to Kansas City’s downtown urban core, vast job market, Country Club Plaza and three major retail corridors, KU Medical Center and Medical School, and major employers Honeywell, Garmin, Quest Diagnostics, and Farmers Insurance.
Berkadia Arranges Sale of 396-Unit Apartment Community in Merriam, Kansas | RE Business Online
Berkadia closes sale, secures financing of 395-unit multifamily property in Kansas | REJournals