A Lawrence apartment complex has been sold to a group of Overland Park-based investors for $8.9 million.
AMLI Residential Properties Trust, of Chicago, announced Tuesday that it had sold its AMLI at Alvamar complex, 3700 Clinton Parkway, to The Greens at Alvamar LLC, of Overland Park.
The new ownership group is headed by Tim Hickok, president of Hickok-Dible Cos. in Overland Park, which manages 11 apartment and townhome communities in Kansas and Missouri.
The group renamed the 152-unit complex in Lawrence as The Greens at Alvamar, and promptly eliminated its rent bonuses and reduced monthly rents for new leases by $40 to $80. The complex currently is 96 percent leased.
"The residents should be happier," said MaKay Carter, community manager. "It's good if you're about to renew."
The Douglas County Appraiser's Office values the property at $7.8 million for property tax purposes. It is located along the north side of Clinton Parkway, west of Parkway Commons shopping center.
"We're not repositioning the property in the market, but we wanted to bring it more in line with the competition," said Rick Inghram, a member of the ownership group who considers Pinnacle Woods, Tuckaway and Highpointe as the project's competition in Lawrence.
Inghram described The Greens as a "premier" property in Lawrence, one that is popular among commuters and other professionals. No more than 15 percent of the complex's residents are college students, he said.
"It's always been a stable market," said Inghram, a former Lawrence resident.
AMLI, one of 17 real estate investment trusts in the United States that focuses on apartments, also announced Tuesday that it had sold another apartment community in suburban Chicago for $58 million.
AMLI had purchased the Lawrence complex in 1994, as part of a larger deal for apartments in Topeka and the Kansas City area. Before Tuesday's announcement, AMLI had 71 apartment communities with 26,506 living units.
Allan Sweet, AMLI president, said the Lawrence property performed well for investors in the trust. On average, AMLI holds onto properties for about six years before selling.
Proceeds from the Lawrence deal will be used to finance ongoing developments and apartment purchases, he said. Sweet doesn't expect to be making another deal in Lawrence anytime soon.
"Never say never, but we have no immediate plans," he said.