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OVERLAND PARK, KS-A group of about two dozen investors have acquired Village at Lions Gate, a 360-unit lakefront apartment community here that has potential for conversion into condominiums. The tenancy-in-common investors acquired the asset from Napa, CA-based US Advisors for $32.3 million, including reserves. The deal was brokered for the investors by Walnut Creek, CA-based 1031 Exchange Options. 1031 Exchange Options SVP Christian Harms tells GlobeSt.com that the plan is for the investors to hold the property for between three- and five years and then sell it back to US Advisors in another 1031 exchange. US Advisors would then convert the property to condominiums. Overland Park is home to two large medical centers, St. Luke’s and Menorah, as well as telco giant Sprint’s World Headquarters Campus. The occupancy at Village at Lion’s Gate was not immediately available. The acquisition cap rate for the investors is about 7.75%, says Harms, adding that the return should increase as the economy picks up and concessions burn off. 1031 Exchange Options and US Advisors both are real estate companies focused on the 1031 tax-deferred exchange market.

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