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WICHITA, KS-The New York City-based Dermot Cos. is exiting the Midwest by putting up for sale its sole holdings in the region, a six-apartment portfolio of about 1,277 units here. The company is asking $50.4 million, or about $39,507 per unit.

The six communities include Village Park at Barclay Square, Cedarbrooke, Eastborough, Kingsborough, Rockborough and Woodgate, all in Wichita. The properties range in age from 1966 to 1978, and have an average size of 893 sf. The portfolio is about 91% occupied, according to Apartment Realty Advisors, which is being joined by Commercial Realty Resources Co. on the sale.

Mac Crowther with Apartment Realty tells GlobeSt.com that characterizing the Midwest as in a slump is inaccurate. “The Midwest is as predictable, as stable as you can get, not like the coasts,” Crowther says. “Wichita is a good market.”

Rather, he says Dermot, which concentrates its holdings on the coasts, is just leaving the property at the right time. “They typically hold assets five to seven years, and that’s what’s occurred here. They’re well positioned assets, and there’s been quite a bit of interest. A portfolio creates a lot of attention, as opposed to a small or large single deal that has many steps, this you spend the same amount of time, and it’s better well spent,” Dermot says. However, the portfolio can be divided and purchased separately, he says.

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