{"id":7353,"date":"2022-11-17T00:58:52","date_gmt":"2022-11-17T06:58:52","guid":{"rendered":"https:\/\/1reason.com\/re\/avanti-residential-acquires-341-unit-artistry-apartments-in-kansas-city\/7353\/"},"modified":"2022-11-17T18:58:52","modified_gmt":"2022-11-18T00:58:52","slug":"avanti-residential-acquires-341-unit-artistry-apartments-in-kansas-city","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/avanti-residential-acquires-341-unit-artistry-apartments-in-kansas-city\/7353\/","title":{"rendered":"Avanti Residential Acquires 341-Unit Artistry Apartments in Kansas City"},"content":{"rendered":"<div>\n<figure><figcaption>Artistry Kansas City aerial view<\/figcaption>&#013;<br \/>\n  <\/figure>\n<p>&#013;\n<\/p><\/div>\n<p align=\"left\">KANSAS CITY, Mo. and DENVER, Oct.  26, 2022  (GLOBE NEWSWIRE) &#8212; Nationwide multifamily investor and operator Avanti Residential has acquired Artistry Apartments, a 341-unit Class-A apartment community in Kansas City, Missouri, for $94 million. The purchase marks Avanti\u2019s seventh investment in the Kansas City metropolitan area as the firm continues to build its portfolio of lifestyle-forward apartment communities in select growth markets throughout the U.S.<\/p>\n<p>\u201cWe 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,\u201d said Christian Garner, president of <a href=\"https:\/\/avantiresidential.com\/\" rel=\"nofollow noopener\" target=\"_blank\" title=\"Avanti Residential\">Avanti Residential<\/a>. Affordability, quality of life and steady job growth continue to provide fundamental support for the region, plus we have built a good base of operational knowledge from managing other properties in the area,\u201d added Garner.<\/p>\n<p><img loading=\"lazy\" alt=\"Artistry KC aerial image\" data-mce-src=\"\/api\/ImageRender\/DownloadFile?resourceId=5c3a6d60-5585-4a4c-957d-73a1d12f3a6f&amp;size=3\" height=\"400\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" width=\"600\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/5c3a6d60-5585-4a4c-957d-73a1d12f3a6f\"><\/p>\n<p>Artistry is ideally located in downtown Kansas City\u2019s Crossroads Arts District, a vibrant urban neighborhood of boutique shops, creative offices, art galleries, innovative restaurants, and entertainment venues, including the Kauffman center for the Performing Arts.<\/p>\n<p>Built in 2021, Artistry was awarded the 2021 Capstone Award, Kansas City\u2019s preeminent honor for commercial real estate development. The project features a mix of micro, studio, one- and two-bedroom apartments with best-in-class apartment finishes and resort-style amenities catering to lifestyle-forward residents, a key element of Avanti\u2019s investment strategy.<\/p>\n<p>The project also includes 11,675 square feet of street level retail space that is 70% leased to Sola Salon, a national tenant.  <\/p>\n<p>Avanti acquired the project from nationwide apartment developer Milhaus \u2013 both parties were represented by CBRE\u2019s Kansas City Capital Markets team. The project was 95% leased at the time of sale.<\/p>\n<p>Avanti owns and operates over 8,500 apartments in Colorado, Arizona, Utah, greater Kansas City, and Florida. The firm is actively acquiring core-plus and value-add apartment projects on behalf of the firm\u2019s institutional and private capital partners.<\/p>\n<p><strong>About Avanti Residential<\/strong><\/p>\n<p>Avanti Residential is an experienced 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 integrated platform led by a seasoned executive team, each with more than 25 years\u2019 experience in the acquisition and value creation of apartment properties. The company applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. <a href=\"https:\/\/avantiresidential.com\/\" rel=\"nofollow noopener\" target=\"_blank\" title=\"AvantiResidential.com\">AvantiResidential.com<\/a><\/p>\n<p><strong>About Milhaus<\/strong><\/p>\n<p>Milhaus is a national award-winning, vertically integrated multifamily developer, owner and operator specializing in Class A residential assets. Headquartered in Indianapolis, Milhaus is comprised of inspired and industrious individuals who are passionate about the development of multifamily and mixed-use communities. We provide exceptional customer experiences and create solutions for neighborhoods that positively impact communities by providing unparalleled expertise in real estate, investment, development, construction and management. Milhaus\u2019 portfolio is comprised of nearly 7,500 units across 27 properties as of September 2022. Assets Under Management stood at $1.9 billion. For more information, visit <a href=\"http:\/\/www.milhaus.com\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.milhaus.com\">www.milhaus.com<\/a>.<\/p>\n<p>A photo accompanying this announcement is available at <a href=\"https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/5c3a6d60-5585-4a4c-957d-73a1d12f3a6f\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/5c3a6d60-5585-4a4c-957d-73a1d12f3a6f<\/a><\/p>\n<p align=\"center\"><\/p>\n<p><\/p>\n<pre>CONTACT: Stacey Hershauer | 480-600-0195&#013;\nstacey@focusaz.com&#013;\nRandy Hall | 949-838-5238&#013;\nrandy@ideahall.com<\/pre>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/ZjMxNzU1YmEtMzE1YS00N2QxLWJhN2YtNjE0ZjA3MjMxNmUzLTUwMDA4MjkyMA==\/tiny\/Avanti-Residential.png\"><\/p>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>$94 million purchase is Denver-based Avanti\u2019s seventh acquisition in the greater Kansas City area<\/p>\n<div>&#013; <\/p>\n<p>Artistry Kansas City <\/p>\n<p>&#013; &#013; <img src=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/5c3a6d60-5585-4a4c-957d-73a1d12f3a6f?size=2\" title=\"Artistry Kansas City\" alt=\"Artistry Kansas City aerial view\" \/>&#013;<\/div>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7353"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=7353"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7353\/revisions"}],"predecessor-version":[{"id":7419,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/7353\/revisions\/7419"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=7353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=7353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=7353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}