KANSAS CITY, Mo. and DENVER, Oct. 26, 2022 (GLOBE NEWSWIRE) — Nationwide multifamily investor and operator Avanti Residential has acquired Artistry Apartments, a 341-unit Class-A condominium neighborhood in Kansas City, Missouri, for $94 million. The buy marks Avanti’s seventh funding in the Kansas City metropolitan space because the agency continues to construct its portfolio of lifestyle-forward condominium communities in choose development markets all through the U.S.
“We are pleased to have uncovered this investment opportunity in Kansas City, a market we have come to know quite well over the past several years,” mentioned Christian Garner, president of Avanti Residential. Affordability, high quality of life and regular job development proceed to supply basic help for the area, plus we have now constructed a great base of operational data from managing different properties in the world,” added Garner.
Artistry is ideally positioned in downtown Kansas City’s Crossroads Arts District, a vibrant city neighborhood of boutique outlets, artistic workplaces, artwork galleries, revolutionary eating places, and leisure venues, together with the Kauffman heart for the Performing Arts.
Built in 2021, Artistry was awarded the 2021 Capstone Award, Kansas City’s preeminent honor for business actual property improvement. The undertaking options a mixture of micro, studio, one- and two-bedroom residences with best-in-class condominium finishes and resort-style facilities catering to lifestyle-forward residents, a key factor of Avanti’s funding technique.
The undertaking additionally contains 11,675 sq. ft of avenue stage retail house that’s 70% leased to Sola Salon, a nationwide tenant.
Avanti acquired the undertaking from nationwide condominium developer Milhaus – each events have been represented by CBRE’s Kansas City Capital Markets group. The undertaking was 95% leased on the time of sale.
Avanti owns and operates over 8,500 residences in Colorado, Arizona, Utah, larger Kansas City, and Florida. The agency is actively buying core-plus and value-add condominium initiatives on behalf of the agency’s institutional and personal capital companions.
About Avanti Residential
Avanti Residential is an skilled investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically built-in platform led by a seasoned government group, every with greater than 25 years’ expertise in the acquisition and worth creation of condominium properties. The firm applies expert actual property funding acumen in a tradition of private accountability and alignment to ship distinctive worth and engaging risk-adjusted returns for its institutional enterprise companions and personal capital traders. AvantiResidential.com
About Milhaus
Milhaus is a nationwide award-winning, vertically built-in multifamily developer, proprietor and operator specializing in Class A residential belongings. Headquartered in Indianapolis, Milhaus is comprised of impressed and industrious people who’re passionate concerning the improvement of multifamily and mixed-use communities. We present distinctive buyer experiences and create options for neighborhoods that positively affect communities by offering unparalleled experience in actual property, funding, improvement, development and administration. Milhaus’ portfolio is comprised of almost 7,500 models throughout 27 properties as of September 2022. Assets Under Management stood at $1.9 billion. For extra info, go to www.milhaus.com.
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