The $46.7 million sale of two apartment complexes on opposite sides of Wichita, Kansas, made for one of the largest deals of the year and was selected by a panel of local industry professionals for an Impact Award from CoStar Group for its impact on the city’s multifamily market.
The two properties involved in the sale, Cross Creek a 256-unit complex located at 7750 E. 32nd St. in the Cottonwood Village neighborhood in northeast Wichita, and about 15 miles west, at 8820 W. Westlawn St., is the 252-unit Berkshire Apartments.
At around $23 million each, the two multifamily properties individually sold for more than any other individual apartment property in 2022. Both complexes sold for about $92,000 per unit, well over the market average of around $74,500 per unit, per CoStar data.
Monarch Investment and Management Group, based in Franktown, Colorado, bought the two properties from Kansas City, Missouri-based Maxus Realty Trust. At the time of the sale, the two properties were near full occupancy.
About the Property: Cross Creek and Berkshire Apartments are two 1990s-era multifamily complexes located in the east and west corners of Wichita, respectively.
What the Judges Said: The deal “shows the continued strength of the Wichita multifamily market,” said Charlie King, a sales and leasing manager at Occidental Management.
They Made It Happen: The listing brokerage for the two apartment complexes was Mid-Markets Group, based in Kansas City. Executive managing directors Michael Sullivan and Alex Blagojevich, senior associate director Richard Redding, senior director Brett Meinzer, and associate director Colton Howell brokered the deal.