PASSCO ACQUIRES THE VILLAGE AT LIONSGATE FOR $37 MILLION

OVERLAND PARK, KAN. — Irvine, Calif.-based Passco Cos. has acquired The Village at LionsGate, a 360-unit multifamily property located at 14631 Broadmoor St. in Overland Park, for $37 million. The master-planned community comprises 43 buildings surrounding a 4-acre lake. Community amenities include a swimming pool, a 24-hour fitness center and business center, and a clubhouse with a billiards room, a large-screen TV and a video library. Passco plans to spend approximately $1 million upgrading the property. The company has selected Pinnacle Management to manage the property, which will remain a residential rental community in the near-term. William Powell of the Kansas City, Mo., office of Hendricks & Partners negotiated the sale on behalf of Passco and the seller, Houston-based USA LionsGate LeaseCo.