Irongate Acquires $98.65M Portfolio
Kansas City, Kan.—GFI Capital Resources, investing through its Irongate Realty Partners LLC brand, has acquired three class A communities in Kansas City, Kan., for $98.65 million.
These three properties include the Villas at Carrington Square, Carrington Place and Carrington Park. All together, there are 846 units and more than 950,000 square feet.
Irongate is currently looking to acquire Class A and B properties throughout the country that include 250-350 units. It is primarily targeting South Florida (from Palm Beach to Miami), Eastern Tennessee (from Nashville South to Chattanooga), Charlotte, North Carolina and the coast of South Carolina. Additionally, Irongate is looking in Georgia, Texas, Arizona and Nevada.
The Kansas City acquisition represents a major boon for the company.
“This was an extremely attractive opportunity for Irongate to continue to expand its portfolio into a new part of the country,” Michael Weiser, executive vice president of GFI Capital Resources Group, says. “It is also an integral step in our ongoing strategy to invest primarily in class A properties. We intend to improve upon the operations of the portfolio by establishing a regional presence in Kansas City, as it’s a bustling area with a very stable economy and steady growth.” We will focus on maximizing the economics of the properties and will continue to seek additional investment opportunities in the Kansas City market during 2013.”