Artisan Capital Group Buys Downtown KC Portfolio
- Jun 07, 2019
After recently selling a 350-unit community in Plano, Texas, Steadfast Income REIT has traded a three-property, 335-unit multifamily portfolio in downtown Kansas City, Mo. Artisan Capital Group purchased the assets using a $38.8 million, seven-year, fixed-rate Fannie Mae loan through HFF’s risk-transfer joint venture with M&T Realty Capital Corp., as well as $12.3 million in joint venture equity from Westminster Capital. Overall, the assets had a 94 percent occupancy rate at the time of the sale.
The portfolio consists of Library Lofts, a 118-unit community located at 1004 Baltimore Ave., the 115-unit Stuart Hall at 2121 Central St. and EBT Lofts, a 102-unit building at 1601 Walnut St. The historic buildings were originally completed between 1899 and 1910. Situated within the Library District and the Crossroads Arts District, the assets provide easy access to major area transportation arteries, as well as retail, dining and entertainment venues.
The properties comprise a mix of loft-style units ranging from studio to three-bedroom floor plans totaling 333,180 rentable square feet. In addition, the buildings include 21,130 square feet of ground-floor commercial space.
HFF’s Senior Director David Gaines, Managing Director Marty O’Connell and Senior Managing Director Danny Kaufman led the investment advisory team representing the seller. The debt placement team was led by Managing Director Matthew Schoenfeldt and Director Gregory Napper.