Maxus Realty Trust has purchased the Park Edge Apartments, a 260-unit complex in Lenexa, for about $24 million.
It is the second Lenexa apartment property purchased by the North Kansas City-based real estate investment trust over the past year. Last March, Maxus bought the 498-unit Rosehill Pointe Apartments for $29 million.
Maxus is one of the area’s largest apartment owners. The company specializes in multi-family housing and commercial properties, primarily in Kansas, Missouri, Oklahoma, Arkansas and Texas.
Park Edge, built in 1999, is located at 8201 Renner Road. The apartments are about 97 percent occupied, said Jeff Stingley, a broker for CBRE Group who handled the sale.
Park Edge features one- two- and three-bedroom floor plans, and the average unit size is 1,132 square feet. Rents range from $820 a month for a one-bedroom, one bathroom; $950 for a two-bedroom, two bath; and $1,090 for a three-bedroom, two bathroom apartment.
Stingley said the new owners at some point expect to upgrade the apartment interiors with new kitchen countertops, appliances and lighting.
Park Edge is located in the fast-growing Renner development corridor, which includes the future headquarters for Perceptive Software. The company, which has about 800 area employees and is currently in Shawnee, expects to relocate to new offices at 89th Street Parkway and Renner by spring 2014.
Stingley noted that the Park Edge property attracted about 15 offers from regional and national investors.
“Overall, the (apartment) market is performing great,” said Stingley.
The apartment market in Johnson County in 2012 featured higher rent growth and higher occupancy rates compared with the previous year, Stingley said.
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