CBRE Negotiates Sale of 260-Unit Multifamily Community in Lenexa, Kan.

CBRE has announced the sale of Park Edge, a 260-unit apartment community in the Lenexa submarket of Kansas City to Cohen-Esrey, a Kansas City-based real estate firm. Jeff Stingley and Max Helgeson of CBRE represented the seller, Maxus Realty Trust, Inc., in the transaction.

Located at 8201 Renner Road, the 29-building property offers one- two- and three-bedroom units with an average unit size of 1,131 square feet. Completed in 1999, Park Edge features full-size washer and dryers, patios and balconies, and large closets. Community amenities include a fitness center, an indoor and outdoor pool, a clubhouse, and a grilling area.

“Park Edge sits in a strategic in-fill location and provides unparalleled access to employers, amenities, and top-rated schools, resulting in an affluent and educated resident base that will perpetually drive tenant demand for years to come,” said CBRE’s Stingley. 

The community is located within minutes of premium retail hub Lenexa City Center and offers convenient access to Metro Kansas City and the Kansas City International Airport via Interstates 435 and 35.

“The closing of Park Edge marks our sixth market-rate, value-add multifamily acquisition in our headquarters market of Kansas City over the last four years,” said Matthew von Ende, Vice President, Cohen-Esrey. “We are strong believers in the underlying market fundamentals buttressing the growth momentum currently underway in the Lenexa submarket. This part of the KC Metro in particular is poised to benefit from sustained demand and rent growth as renters continue to be attracted to all the new commercial development nearby, strong public schools, quick and easy access to the City’s major employment centers, relatively low cost of living, as well as the live/work/play environment around Lenexa City Center.”