Avenue Living Expands US Holdings With $40M Kansas City Buy
- Nov 26, 2020
Canadian investor Avenue Living Asset Management has acquired Corinth Portfolio, a 342-unit multifamily portfolio in suburban Kansas City, Kan., for $39.8 million. The deal marks the buyer’s second U.S. acquisition and the largest investment in the company’s history. Avenue Living bought the asset from a joint venture between JDC and Lane4 Property Group, Yardi Matrix data shows.
The portfolio includes four separately marketed communities totaling 41 buildings on 25.2 acres. The seller had purchased the garden-style asset in 2017 from GoldOller Real Estate Investments, with Great Southern Bank providing a $36.6 million acquisition loan.
Completed in four phases between 1961 and 1986, the portfolio is located at 3815 Somerset Drive in Prairie Village, Kan., 10 miles south of central Kansas City and across the street from the newly renovated Corinth Square Shopping District.
Common-area amenities include three swimming pools, a tennis court, a fitness center, a clubhouse and 680 parking spaces. Prism Property Management will oversee the portfolio’s operations.
Earlier in November, a community 10 miles south in Overland Park, Kan., changed hands for $48 million. A joint partnership acquired the 254-unit luxury asset from Fogelman Properties.