J.C. Nichols-built townhomes in Overland Park sell to CRE investment firm – Kansas City Business Journal – The Business Journals
The Villa Medici townhome community, built by J.C. Nichols Cos. in 1969, has sold to a new owner based in New Jersey.
Milwaukee-based Midloch Investment Partners and Chicago-based Artisan Capital Group acquired the property in August 2020 and sold the Class A, 166-unit rental community for $43.6 million, according to a release. City filings show that the entities that own the property share an address with Pineview Equity Group of Lakeview, New Jersey.
“Villa Medici is a special property that we were able to identify and acquire in uncertain times. The investment not only proved successful, but outperformed our expectations,” Midloch CEO and Principal Andy Sinclair said in the release. “We look forward to acquiring other assets with value-add potential in the Kansas City market and in other areas throughout the Midwest.”
Villa Medici is at 9550 Ash St. in Overland Park, just south of the 80-acre Meadowbrook Park. Its amenities include balconies and/or patios that face water with every unit. The community is gated with a high-income demographic. Jeff Stingley and Max Helgeson of CBRE’s Kansas City office represented Midloch and Artisan in the sale.
“It’s one of the few iconic properties that has kept its original name throughout the years,” Stingley said. “Villa Medici will continue to be Villa Medici, and the buyer is excited about a unique product offering.”
Stingley said Pineview’s investment continues the trend of national buyers seeing the value Kansas City can offer.
Midloch is a commercial real estate investment firm with offices in Chicago, Milwaukee and Minneapolis. The firm focuses on small to middle-market joint-venture equity investments nationwide.
Artisan Capital Group is headquartered in downtown Chicago with a regional office in Des Moines. The commercial real estate investment firm focuses on market-rate multifamily in the Midwest. In 2020, Artisan bought two apartment properties in Lawrence for $25 million. The company also bought a $51.13 million portfolio of downtown Kansas City apartment buildings, including the Library Lofts, Stuart Hall and EBT Lofts.