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OVERLAND PARK, KS-Passco Cos., based in Irvine, CA, has acquired the 360-unit Village at Lions Gate from Houston-based Lions Gate LeaseCo LLC for $37 million. The cap rate was sub-6%.

Both the buyer and seller of the 43-building complex at 14631 Broadmoor St. are both tenant in common sponsors, says William Powell, associate partner in the Kansas City office of Phoenix-based Hendricks & Partners. The seller had owned the 98%-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. The rents range from $700 to $1,650 with an average rate of $1,082 per month. 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 schools and is part of the 600-acre Lions Gate development, which was constructed on a family farm belonging to Urban Land Institute founding member J.C. Nichols. “Passco is an active buyer in Kansas City and across the country,” Powell says. “Passco, in the last three- to five-year period, has been successful in acquiring retail here and at least one other apartment complex.”

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

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