Milwaukee‐based developer Mandel Group, Inc. has continued its expansion outside of the metro Milwaukee Market, completing the acquisition of two apartment buildings in Kansas totaling 918 units.
Mandel Group purchased Highland Ridge, a 370-unit property and The Lodge at Overland Park, a 548‐unit property. Both properties are in Overland Park, Kansas, a submarket of the Kansas City metro area and the second largest city in Kansas.
The acquisition was completed by Overland Park Equity LLC, an affiliate of Mandel Group. Mandel Group is not disclosing the purchase price.
The seller was a fund sponsored by Resource America, Inc.
In addition to Overland Park and Milwaukee, Mandel owns and manages properties in Eagan, Minn., Madison and Chicago.
Mandel has acquired and repositioned more than 3,000 units of multifamily housing in the Midwest, according to the company.
The Overland Park properties were attractive because of their proximity to major developments including the CityPlace Development, a $350 million mixed‐use development under construction and immediately adjacent to the Highland Ridge property, and a pending $2.4 billion redevelopment of the Brookridge Country Club property adjacent to The Lodge at Overland Park, said Jason Babcock, vice president and director of acquisitions for Mandel Group.
“The competitiveness for these types of assets requires more exacting underwriting to allow new value creation through strategic reinvestment,” Barry Mandel, president & CEO of Mandel Group said in a statement.
