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Jan. 11, 2013

Irongate Pays $98M for Kansas City Multifamily Portfolio

By Georgiana Mihaila, Associate Editor

Pursuing its goal of increasing holdings throughout the country, Irongate Realty Partners LLC has recently acquired three multifamily properties in Kansas City for $98.65 million.

The Class A multifamily portfolio consists of three apartment communities composed of 846 residential units and more than 950,000 square feet.

Villas at Carrington Square, Carrington Place and Carrington Park are all luxury communities with a wide array of custom features, including gourmet kitchens with built-in microwaves and black appliances, attached garages with individual driveways and private entries, and walk-in closets.

“We purchased all three of these luxury properties from a local builder,” said Robert Mascaro, vice president of acquisitions for the Irongate platform.  “The deal closed in a single transaction. This is our third acquisition under this brand in the past 14 months for a total of eight properties and 2,115 units, in excess of $230 million in transactions.”

The company, currently looking to increase its portfolio by targeting both A and B+ properties throughout the country, intends to improve upon the operations of the portfolio by establishing a regional presence in Kansas City. According to an official company release, Irongate will focus on maximizing the economics of the properties and will continue to seek additional investment opportunities in the Kansas City market during 2013.

Irongate will also be seeking properties in other markets, including South Florida, Eastern Tennessee, Charlotte, North Carolina, and the coast of South Carolina.

Image: Villas at Carrington Square via ForRent.com