The Harris Central Appraisal District assesses the complex at1300 Gemini Ave. at $11.4 million. Comparable class A complexeshave been trading for $20 million to $25 million. KC Venture GroupLLC obtained a $17.2-million loan to buy the complex fromHouston-based Morgan Group Inc.
"Palms is a newer asset and we bought it at a competitive pricebelow replacement costs," says Peter Engleman, acquisitionsdirector for the Kansas City, MO-based buyer. "We liked thelocation and the seller built a great asset."
Engleman tells GlobeSt.com that the upside for the value-addplay will come from the management side. The 98%-leased complex hasone- and two-bedroom units averaging 930 sf. The average rent is$1.05 per sf.
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