200-Unit Overland Park Townhome Sold to PPR Capital Management

Posted January 22, 2024

Philadephia-based PPR Capital Management has purchased a 200-unit multifamily townhome in Overland Park.

Madison Overland Park is a 200-unit townhome community located near W 139th St just off U.S. Highway 69.

PPR secured a loan assumption deal on the property, a 3.90 percent interest rate with three years until maturity. The firm forecasts an increase in rent growth at 4 percent year-over-year, according to the release.

Terms of the deal were not disclosed. 

“The acquisition of Madison Overland Park emphasizes PPR’s ability to capitalize on valuable opportunities in growing markets,” CEO of PPR Capital Management, Steve Meyer said in a release. “This deal aligns seamlessly with our mission to invest in properties and markets with sustainable growth potential.”

Floor plans range from approximately 1,200 to 1,600 square feet for two- and three-bedroom townhomes. Prices start at around $1,600-$2,000, according to the communities website.

The seller, Equus Capital Partners, Ltd, another Philadephia-based private equity firm, acquired the property in 2019 and remanded the complex to Madison Overland Park.

As part of a value-add strategy, PPR plans to renovate the remaining 88 unoccupied units during a three-year hold period.

Jeff Stingley of CBRE represented the seller, Equus Capital Partners, Ltd, in the transaction while Chris Cordes, a real estate portfolio manager at PPR, represented the buyer.