Avanti Residential acquired the 308-unit Summit Square apartments in Lee’s Summit, MO, a Kansas City suburb, for $80 million. The multifamily investment firm now owns eight apartment communities in the greater Kansas City market.
“We continue to uncover appealing investment opportunities in Kansas City, a market where we have assembled a critical mass of apartment data and operational knowledge over the past several years,” said Christian Garner, president of Avanti Residential.
Despite current market challenges, “We were able to acquire this property at a favorable basis with attractive fixed-rate financing and assemble a compelling investment opportunity that we believe we will perform very well in the coming years,” said Jason Wine, director of acquisitions at Avanti.
Avanti purchased the property from NorthPoint development, which was represented by Mac Crowther and Whittaker Potts of Newmark. Avanti represented itself in the transaction.
Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.
Avanti Residential Adds Eighth KC-Area Property
Avanti Residential Adds Eighth KC-Area Property
Avanti Residential acquired the 308-unit Summit Square apartments in Lee’s Summit, MO, a Kansas City suburb, for $80 million. The multifamily investment firm now owns eight apartment communities in the greater Kansas City market.
“We continue to uncover appealing investment opportunities in Kansas City, a market where we have assembled a critical mass of apartment data and operational knowledge over the past several years,” said Christian Garner, president of Avanti Residential.
Despite current market challenges, “We were able to acquire this property at a favorable basis with attractive fixed-rate financing and assemble a compelling investment opportunity that we believe we will perform very well in the coming years,” said Jason Wine, director of acquisitions at Avanti.
Avanti purchased the property from NorthPoint development, which was represented by Mac Crowther and Whittaker Potts of Newmark. Avanti represented itself in the transaction.
Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register.
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