Avanti Residential Acquires Kansas City Community
The company's seventh acquisiton in the market is located in the city’s Crossroads Arts District.
Avanti Residential is continuing to build out its multifamily presence in Kansas City, Kan., after its acquisition of a 341-unit community on the Missouri side of the city. The company acquired Artistry Apartments for $94 million from Indianapolis-based developer Milhaus.
The Class A apartment community was built in 2021 with micro, studio, one- and two-bedroom units ranging from 410 to 1,301 square feet. The apartments were built with workspaces, 9-foot ceilings and washers and dryers, while select units have eat-in kitchens, walk-in closets and patios or balconies. The community’s amenities include a rideshare lobby, conference room, pool, sun deck, fitness center, pet spa, outdoor kitchen with grills, courtyard with fire pits, resident lounge, coffee and tea bar, maker’s room, rotating art gallery, garage, on-site parking and bike parking and storage. Avanti Residential told Multi-Housing News that Artistry Apartments was 95 percent leased at the time of sale.
The community also includes 11,675 square feet of street-level retail space, 70 percent of which is leased to Sola Salon. Avanti Residential is planning on leasing out the remainder of roughly 3,000 square feet of retail space. Located at 1918 Locust St. in Kansas City’s Crossroads Arts District, Artistry Apartments is near the area’s major attractions like the Kaufman Center for the Performing Arts, the Legoland Discovery Center and the T-Mobile Center.
Focusing on Kansas City and beyond
Avanti’s acquisition of Artistry Apartments is the firm’s seventh investment in Kansas City. Christian Garner, president of Avanti Residential, said in prepared remarks that the region’s affordability, quality of life and steady job growth is contributing to the area’s fundamental support.
“Avanti continues to believe investment opportunities exist, even given the significant market disruption caused by rapidly increasing interest rates,” Garner told MHN. “The Kansas City metro remains a focal point in our portfolio strategy, and we are hopeful that additional opportunities present themselves in 2023.”
Overall, the firm owns and operates more than 8,500 apartment units in Colorado, Arizona, Utah, Florida and the greater Kansas City market. The company focuses on acquiring core-plus and value-add apartment projects in these select growth markets. In December, Avanti Residential acquired the 306-unit Village West Apartments in Kansas City.