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LEE’S SUMMIT, MO-Denver-based Continental Realty Advisors has purchased the 432-unit AMLI at Summit Ridge apartment complex here at the corner of Highway 291 and Tudor Road in this Kansas City, MO submarket. The seller, Chicago-based AMLI Residential Property Trust, had the property on the market for $50 million, but the company’s broker, Mac Crowther, says the sale price was “somewhat less.”

Crowther is a principal with Atlanta-based Apartment Realty Advisors. He says the 7-year-old complex is 96% occupied. “This market is very good, the fundamentals are strong,” he tells GlobeSt.com. “Occupancies are high, rent growth is at 4%, there’s few concessions and new construction has dropped off like a rock. Also, the greater Kansas City area has some of the lowest unemployment in the country because of the diversified employment base.” He says AMLI sold because the company typically holds things for only seven years.

Amenities at the complex include a swimming pool, fitness center, club house, business center, a car care center, walk-in closets, and patios or balconies. Rents range from $736 for a one-bedroom, one-bath unit to $1,399 for a three-bedroom, two-bath apartment. The property is one mile from Interstate 470 and three miles from Interstate 70.

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