CBRE has arranged the sale of Fountain View on the Plaza, a 398-unit luxury apartment community located adjacent to Kansas City’s County Club Plaza.
A global investment advisor sold the property to an affiliate of Abacus Capital Group in an undisclosed transaction that closed in September 2020.
The deal represents a return to the Kansas City market for the New York-based buyer after exiting in 2016 with the sale of the 596-unit Northland Passage Apartments in the metro’s Northland submarket.
Jeff Stingley, an executive vice president in CBRE’s Kansas City office, along with senior associates Max Helgeson and Michael Spero, represented the seller in the transaction.
“Fountain View is the community of choice for Kansas City renters wanting to live at the doorstep of the metro’s top amenities and attractions, while at a discount to the submarket’s newer developments and single-family homes. The high-profile, in-fill site is among the best in the Midwest and will provide significant risk mitigation for future ownership while also enabling a perpetual modernization strategy that will drive rents and provide extraordinary yields,” Stingley said.
The stretch of Main Street directly in front of the property has been slated as a high-volume stop on the future KC Streetcar line. With the planned southern extension from Union Station to 51st Street, Fountain View will also be included as a “transit-oriented development.”
“Kansas City’s multifamily market continues to show its resiliency despite the pandemic and resulting economic slowdown. The metro’s diverse economic base and concentration of durable industries have positioned Kansas City as a safe-haven for capital and buyers are knocking down our door to find opportunities,” Stingley said.
With this sale included, CBRE’s Kansas City multifamily group has completed $250 million in metro apartment sales so far in 2020, according to Stingley.