DALLAS--()--Rockwood Real Estate Advisors (“Rockwood”), a full service real estate investment banking firm, announced today the sale of Essex Place Apartments, a 352-unit, Class B garden-style apartment community located in Overland Park, Kansas, an affluent suburb of the greater Kansas City metropolitan area. The Rockwood sales team was led by Managing Director Jordan Cortez, who worked with NAI Capital Realty to market the property. California-based Bridge Partners purchased Essex Place for an undisclosed amount.
“There was a tremendous amount of interest in the offering. Investors were enticed by the strong in-place yield, coupled with the opportunity to significantly increase rents through an interior value-add program.”
Essex Place is located at 8900 W 102nd Terrace in Overland Park, Kansas near prominent employment centers such as the Sprint/Nextel corporate campus and the Corporate Woods Office Park. Built in three phases between 1972 and 1983, the property has one-, two- and three- bedroom townhouses and apartment units averaging 1,219 square feet. Since 2010, the property has undergone approximately $2.6 million in renovations. Essex Place was 95 percent occupied at the time of the sale.
Jordan Cortez commented, “There was a tremendous amount of interest in the offering. Investors were enticed by the strong in-place yield, coupled with the opportunity to significantly increase rents through an interior value-add program.”
About Rockwood Real Estate Advisors
Rockwood Real Estate Advisors is a full-service real estate investment banking firm offering a broad range of financial advisory and transactional services and business solutions for clients in the commercial real estate industry. The firm completed over 100 transactions in the 3rd and 4th quarters of 2011 and is expecting to complete $4 billion - $5 billion in debt, equity and sales transactions in 2012. Headquartered in New York, Rockwood has offices throughout the country and is a subsidiary of CW Financial Services. For additional information, please visit www.rockwoodrea.com.