Berkadia sells 176-unit apartment community in Kansas City
Berkadia recently closed the sale of NoRi, a 176-unit multifamily community in Kansas City, Missouri.
Senior director Michael Sullivan and director Brett Meinzer of Berkadia’s Kansas City investment sales team, and managing director Alex Blagojevich of the company’s Chicago office, represented Salt Lake City, Utah-based Sundance Bay.
Monarch Investment and Management Group of Franktown, Colorado, acquired the property and assumed an existing Fannie Mae loan in the July 17 transaction. Additional terms were not disclosed.
NoRi is located at 735 NW 60th Street in Kansas City’s Northland submarket. Originally built in 1973, and fully upgraded in 2015, the community offers one- and two-bedroom floorplans and community amenities that include an outdoor pool, recreation room, playground, exercise facility and dog park.
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About Sundance Bay
Sundance Bay is a private real estate investment firm headquartered in Salt Lake City. With over $1 billion of assets under management, Sundance Bay specializes in middle-market multifamily investing, net lease investing, and debt lending. Across its different verticals, Sundance Bay seeks to create lasting value for the Firm’s investors and communities in which they invest. For more information about Sundance Bay, please visit SundanceBay.com.
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