Westgate Village

Newmark Zimmer’s Investment Sales and Capital Markets team successfully completed the sale of Westgate Village, a 97-unit multifamily property located at 5237 SW 20th Terrace in Topeka, Kansas. This property, situated in the West Southwest 3 neighborhood about seven miles southwest of downtown Topeka and 70 miles west of Kansas City, lies within a predominantly residential area featuring single-family homes and a few apartment buildings. Moreover, Westgate Village’s location at the intersection of Southwest 21st Street and Fairlawn Road provides residents with convenient access to shopping and entertainment options in the nearby commercial district.

Over the past two years, Westgate Village underwent extensive renovations, including a comprehensive interior overhaul of a building damaged by fire. Although these renovations concluded before the sale, the fire-damaged building remained unoccupied. Consequently, the private partnership that previously owned the property transferred ownership to ALK Properties, a Chicago-based investment group expanding its presence in Topeka. This sale not only underscores the strong demand but also highlights the positive trend in the Topeka multifamily market. Given the ongoing interest from various investors, we anticipate sustained demand for high-quality properties in the area.

The transaction, therefore, reflects Newmark Zimmer’s strategic approach and market insight. Newmark Zimmer’s Investment Sales and Capital Markets Team effectively managed the process, including Michael L. VanBuskirk, SIOR, CCIM, CRE, Executive Managing Director/Principal; Chris S. Robertson, CCIM, Senior Managing Director; and TJ Wahl, Associate.