Avanti Residential has acquired Village West Apartments in Kansas City, Kan. The seller was JVN Realty Corp. Acquisition financing was arranged by Newmark’s Charlie Williams. The apartment community was 96 percent leased at the time of sale.
“This was not a specific timing play really, rather it is the continuation of our investment strategy to acquire newer Class A apartment communities in strong locations where we can leverage our acquisition and management expertise to add value,” Chris Garner, president & CEO of Avanti Residential, told Multi-Housing News.
“In this specific case, we have the added benefit of scaling the management operations of an adjacent property we own, Prairie View at Village West, and apply that experience in the management of Village West Apartments. We like Kansas City for its strong market fundamentals and relatively attractive pricing.”
The Class-A community features 306 units. Village West Apartments is situated next to the regional master-planned area called Village West, which features shopping, restaurants, nightlife and professional sports venues. The area features the Legends Outlets and Kansas Speedway. Village West is the largest tourist destination in the state, and a significant economic driver for Wyandotte County. It’s also a major logistics presence extending from the nearby intersection of I-70 and I-435.
The transaction represents the fourth Kanas City metropolitan area acquisition for Denver-based Avanti Residential during the last year, a period that has seen the active and growing multifamily investor carry out $1.4 billion in transactions nationally.
Features and finishes of residences at Village West Apartments include wood plank-style flooring, built-in workstations, walk-in closets, stainless steel appliances and, in select units, 12-foot-high ceilings. A swimming pool and sundeck featuring grilling stations and lounge areas is a prominent item on the list of common-area amenities.
Kansas City Kansas Community College, Park University and Kansas City Art Institute are all situated within 30 minutes of the apartment community. The Wyandotte County Lane Park, Shawnee Mission Park and Wonderscope Children’s Museum, all within a 23 minute drive, are among park and recreational attractions in the area.
In September, Avanti Residential purchased a mixed-use community in Aurora, Colo., for $159 million.