Downtown KC Community Changes Hands
- Mar 15, 2019
A joint venture between Artemis Real Estate Partners and CRES Management has sold The Landings at River Market to Canyon View Capital. The 141-unit community is located in downtown Kansas City, Mo., in the city’s River Market district. Since purchasing the asset in 2014, the previous owner upgraded more than half of the units.
Located at 213 Delaware Street, The Landings at River Market is close to several dining and retail venues, including City Market shopping center. The asset is situated along the Kansas City Streetcar line.
The low-rise community comprises three historic converted buildings known as Askew Saddlery, Volker Place and Pacific House. The properties were originally constructed as industrial/warehouse-type assets in the mid-to-late 1800s and were transformed to residential in 1994. The loft-style studio, one- and two- bedroom floor plans average 765 square feet. Common-area amenities include controlled access, a laundry room, barbecue area and a courtyard.
Berkadia Directors Michael Sullivan and Brett Meinzer of the company’s Kansas City office and Managing Director Alex Blagojevich of the Chicago office arranged the deal on behalf of the seller.
“The demand and optimism for well-located value-add assets has never been higher. Especially when you consider the rent points that are being achieved in the Class A space and the rent gap between Class A and Class B product. The transactional markets remain highly liquid and cap rates remain low,” Meinzer said, in prepared remarks.
Other recent transactions in the Kansas City area include Hamilton Zanze’s $40.4 million purchase of the 272-unit Metcalf Village Apartments.
Image courtesy of Yardi Matrix