A New York-based investment firm made its first acquisition in the Kansas City area by following a universal real estate truth: location, location, location.
Quad Property Group paid $21 million for Arbor Square, a 196-apartment complex in Shawnee at 7613 Flint St., along the 75th Street corridor. The complex’s one-, two- and three-bedroom apartments were 98% occupied when the sale closed on
Tuesday, the real estate investment firm said in a release.
Jariel Bortnick, a principal at the firm, noted in the release that Arbor Square sits about a mile west of the 75th Street interchange at Interstate 35, about 10 miles from Downtown and nine miles from the Country Club Plaza. It’s also within short drives of other suburbs with growing attraction, such as Overland Park and
Lenexa.
Quad Property Group plans to “enhance and expand” amenity and common areas, as well as renovate apartments, Bortnick said in the release.
Sam Blake, vice president of acquisitions, said in the release that the company has “targeted Kansas City for some time” and hopes the Arbor Square deal is the first of many in the area.
“We would love to expand our footprint in Johnson County, but more than a particular submarket, QPG targets assets that we can add value to and proactively manage to create the best result for our investors.” Blake said in an email.
Quad Property Group hopes the next acquisition will come “sooner rather than later,” Blake said in the email. When the company decided to go beyond acquisitions in the Southeast, “Kansas City was at the top of our target list.”
Blake said part of Kansas City’s appeal is its “growing renter markets with a diverse job base that will remain steady in potentially tumultuous economic times.”
Quad Property Group’s website identifies about 20 properties in its portfolio, primarily in the Southeast.
Gabe Tovar of Northmarq represented the seller, a local group that had owned the property more than 10 years.