$94 million purchase is Denver-based Avanti’s seventh acquisition in the greater Kansas City area
Artistry Kansas City
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 apartment community in Kansas City, Missouri, for $94 million. The purchase marks Avanti’s 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.
“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,” said Christian Garner, president of Avanti Residential. 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,” added Garner.
Artistry is ideally located in downtown Kansas City’s 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.
Built in 2021, Artistry was awarded the 2021 Capstone Award, Kansas City’s 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’s investment strategy.
The project also includes 11,675 square feet of street level retail space that is 70% leased to Sola Salon, a national tenant.
Avanti acquired the project from nationwide apartment developer Milhaus – both parties were represented by CBRE’s Kansas City Capital Markets team. The project was 95% leased at the time of sale.
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’s institutional and private capital partners.
About Avanti Residential
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’ 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. AvantiResidential.com
About Milhaus
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’ 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 www.milhaus.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c3a6d60-5585-4a4c-957d-73a1d12f3a6f
CONTACT: Stacey Hershauer | 480-600-0195 stacey@focusaz.com Randy Hall | 949-838-5238 randy@ideahall.com
