A new multi-use development will be part of the masterplan project, Prairie Trace. The overall masterplan will boast several components such as single housing, multifamily apartments, shopping and more. Photo image courtesy of Cityscape Residential.
Multifamily brokers form new venture: MMG
Multifamily property owners have a new team of experts - and a new firm - to turn to when considering a sale.
Alex Blagojevich and Michael Sullivan will lead Mid-Markets Group Real Estate Advisors (MMG) as founding partners and executive managing directors, leveraging their multi-market approach to ensure clients receive maximum exposure from interested and qualified buyers.
The duo, along with four others on the MMG team, brings more than 50 years of collective brokering experience and a vast, nationwide network to its new venture that plans to assist owners of multifamily properties in determining the best strategy for their holdings.
Recognizing the long-standing brokerage framework centered on siloed markets is growing increasingly obsolete, MMG leaders seek to establish a new type of multifamily firm built with the client at the center of the business.
“As part of the industry’s recovery from the recession, a growing number of investors are turning to the multifamily sector for more consistent, predictable yields. In turn, fund advisors are forced to expand their search for properties outside of their historical market focus, and MMG is poised to execute on this well,” said Blagojevich.
Its advisors aim to maximize value for multifamily property owners by providing a fully integrated advisory platform from acquisition to disposition. The team has extensive experience with all subsets of multifamily properties, including student, affordable and senior housing and land services.
Owners benefit from MMG’s national reach, access and expertise. Though the team rose to prominence in the industry selling across the Midwest, South and Southeast, they have continued to expand their market coverage into a national focus.
Collectively, the MMG team have closed nearly 500 multifamily transactions across 110 unique markets in 31 states for a total of more than 100,000 units and $6 billion in gross sales, building a knowledge-base of similar markets and an expansive network of qualified buyer prospects.
“MMG’s diverse relationships allow us to explore opportunities among private and institutional investors. That combination gives MMG the advantage of quickly generating interest from multiple qualified buyers by accessing capital unavailable to other brokers,” said Sullivan.
The team prides themselves on taking a detailed, strategic approach to every assignment and creating the highest-quality marketing materials tailored to each property and market.
“We’ve put together a talented team that delivers exceptional service to our clients, and that’s just one of the secrets to our success. We have the knowledge and resources to support clients every step of the way,” Blagojevich said.
“We don’t believe in one-size-fits all solutions. Rather, every client, every asset and the ultimate objective for each listing is unique. By customizing each solution so that it is aligned with the client’s objectives, we’ve successfully helped hundreds of property owners meet or exceed their goals.”
Prior to launching MMG, Sullivan and Blagojevich led the Berkadia Mid Markets brokerage team to notable success in 2020. By leveraging an aggressive approach despite difficult market conditions, they closed more than $935 million in gross sales.
“Coming off of a challenging year has only ignited our passion for amplifying our ability to deliver outstanding client service. We look forward to maintaining and increasing our momentum in 2021, leveraging our one-of-a-kind, full-service approach to consistently exceed clients’ expectations and deliver profitable outcomes,” Sullivan said.
The Donovan luxury apartments dazzle in Lee's Summit
Lenexa moves forward with sizable residential development
On Monday, the Lenexa Planning Commission approved a sizable portion of a residential development that will be located at the southwest corner of Monticello Rd. and 90th St. in the heart of Lenexa, Kan.
The planning commission unanimously recommended approval of eight out of nine items of the development, including a concept plan for the site; a preliminary plan for the Copper Creek Apartments and Townhomes on the north end; and rezoning required for nearly all components of the project.
The commission voted 8-1 to recommend approval of rezoning for the high-rise apartments.
Located on 187 acres, the proposed Watercrest South and Copper Creek project totals 1,239 housing units.
The project includes preliminary plans for 44 townhomes in seven buildings, 688 multifamily apartments in 14 buildings and 257 lots for single-family homes.
Conceptual plans were approved for the mix of a 100-unit multifamily apartment, 150 senior living units and 187,000 SF of commercial space to potentially include two hotels.
Because of the recent decline in demand for office space, previously included office space plans were removed from the city’s future land use map and replaced with additional single-family homes to the west of Watercrest Landing North.
The project also hinges on completion of Woodsonia Dr., which will run north and south through the area. City staff proposed completing the new street in one phase in conjunction with early phases of the private development, owned by Q.C. Development, P & L Development LLC. and Watercrest South LLC.
The next Lenexa City Council meeting will be held August 18, 2020, where they will continue to discuss other components of the development.
