Equus Announces the Sale of Madison Overland Park in Overland Park, Kansas
Equus Capital Partners, Ltd. (“Equus”), one of the nation’s leading real estate investment managers, announced today that an affiliate completed the sale of Madison Overland Park, a 200-unit garden-style multi-family community located in the desirable Overland Park market of Kansas City, Kansas. The sale was made on behalf of Equus Investment Partnership XI, L.P. (“Fund XI”), a discretionary equity fund managed by Equus.
Jeff Stingley of CBRE represented the seller in the transaction.
Madison Overland Park includes a total of 17.5 acres resulting in a low density of 11.4 units per acre. The townhome-style community includes a mixture of two- and three-bedroom apartment units. The property is unique in that 100% of the units are townhome style and 98% of the units feature attached garages with direct unit entry. While some competitive properties in the submarket feature select floor plans that are either townhome style or have attached garages, no competitor to Madison Overland Park features 100% townhomes with almost 100% direct access garages. Since its acquisition in 2019, Equus completed a $2.7M capital improvement program which included new exterior paint, an expanded clubhouse, upgraded fitness center, and an improved dog park, in addition to interior unit-renovations. The unit renovations consisted of a “green” component focusing on water conservation and energy efficiency.
Amenities at the property include a community clubhouse, fitness center, dog park, swimming pool, and on-site playground.
Madison Overland Park is located in a residential neighborhood within the Johnson County multifamily submarket of the Kansas City MSA. The property sits just off Metcalf Avenue and is less than one mile from Interstate 69, which provides direct access to the major job centers locally within Overland Park as well as others throughout the MSA. Within its immediate surroundings, the property sits adjacent to the Blue Valley Recreational Center, a community center open to the public, which offers a fitness center, athletic facility, camps, and a variety of youth and adult sports leagues. The property is in close proximity to several retail centers consisting of both national and local restaurants and retailers including Lifetime Fitness, Sprouts Farmers Market, Ulta Beauty, REI, First Watch, Chipotle, Noodles & Company, and many others.
“The differentiated townhouse-style product in a growing submarket allowed us to stand-out in the marketplace,” commented Andrew Holloway, Vice President of Equus who, along with Christopher Locatell, Senior Vice President, oversaw the transaction for the firm. “With our sound operating ability and business plan execution the property has performed well, and we are able to realize another strong overall return for our investors in 2023.”