Memphis, Tenn.-based MAA has acquired Market Station, an upscale urban mid-rise apartment community in Kansas City.
The acquisition of the Market Station property represents the entrance of the self-administered, self-managed apartment-only real estate investment trust into the Kansas City market. MAA currently owns or has ownership interest in 49,687 apartment units.
Located at 240 West 2nd Street in the River Market area, the 323-unit apartment community is just north of the Central Business District in downtown Kansas City and offers easy access to various entertainment venues in downtown Kansas City, such as The Sprint Center, the Power and Light District and Crown Center.
With units ranging in size from 553 square feet to 1,264 square feet, Market Station offers various amenities such as a state-of-the-art fitness center overlooking the Missouri River, a resort style swimming pool with spa and grill stations, a billiards lounge, a gourmet coffee cafe and access gates. Featured indoor amenities include island kitchens, large walk-in closets and private patio and balconies in select units.
Al Campbell, executive vice president and chief financial officer at MAA said: “We are pleased to be expanding our footprint into the well diversified economy of the Kansas City market. We believe this market is a strong addition to our secondary market portfolio and supports our strategy to provide attractive investment returns for our shareholders through capital deployment across both large and secondary markets.”
According to a recent market report released by Cassidy Turley, Kansas City’s apartment market had one of its best performances in years in the first half of 2012. Occupancy and rents increased and the frequency of concessions was down. The metro-average occupancy reached 95 percent at mid-2012, a performance that has not been seen since the end of 2000.
Image Courtesy of: www.marketstationapts.com
Chart Courtesy of: Cassidy Turley