An Arkansas investment firm has plunked down $23.4 million for Preston Court, a 181-unit apartment complex in Overland Park, making a sizable first move into the Kansas City area and pushing the firm's multifamily assets to more than $100 million.
According to the Kansas City Business Journal, the deal for the property at 9160 W. 103rd St. closed at $23.4 million and marks the firm’s entry into the KC market, with the transaction pushing the firm's multifamily assets to more than $100 million.
Deal Details
Preston Court is a 181-apartment complex, per its listing on RentCafe. At the reported sale price, the deal shakes out to roughly $129,000 per unit, a back-of-the-envelope metric investors use to assess potential value-add plays. A search of data.census.gov returned no matching documents for queries tying '9160 W 103rd' to median gross rent or census-tract data, according to data.census.gov (search results).
Local Context
Local listings list Preston Court among the area’s multifamily properties and indicate its 181-unit footprint, underscoring the complex’s role in northern Overland Park’s rental stock. Any major repositioning by the new owner would typically surface through city permit filings or updates to the property’s leasing page, so neighbors and tenants may be reading tea leaves in the months ahead. City planning documents, City of Overland Park permit search results and Johnson County Recorder search results were not provided among the sources reviewed.
What to Watch
Coverage by the Kansas City Business Journal includes the transaction terms referenced here. The Kansas City Business Journal reports the sale price as $23.4 million and other transaction terms.
