Both the buyer and seller of the 43-building complex at 14631Broadmoor St. are both tenant in common sponsors, says WilliamPowell, associate partner in the Kansas City office ofPhoenix-based Hendricks & Partners. The seller had owned the98%-leased asset, built in 2000, since 2003.


The complex is a mix of one-, two-and three-bedroom apartments,ranging from 640 sf to 1,556 sf for an average of 1,071 sf. Therents range from $700 to $1,650 with an average rate of $1,082 permonth. Nearly 90% of the apartment units have attached garages,which is "very unusual for an apartment complex," Powell says."That feature alone sets it apart in the community." Additionally,approximately half are two-car garages.


The complex fronts a five-acre natural lake, is near two schoolsand is part of the 600-acre Lions Gate development, which wasconstructed on a family farm belonging to Urban Land Institutefounding member J.C. Nichols. "Passco is an active buyer in KansasCity and across the country," Powell says. "Passco, in the lastthree- to five-year period, has been successful in acquiring retailhere and at least one other apartment complex."


Powell tells that Passco plans to spend $1 millionon improvements to units and landscaping for Village at Lions Gate.Pinnacle Management will manage the complex.

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