Steadfast Income REIT Acquires $12.75M Historic Community
- Mar 07, 2013
Kansas City, Mo.—Steadfast Income REIT Inc. announced it has acquired a historic loft conversion in Kansas City, Mo., for $12.75 million. With this investment, Steadfast Income REIT has invested more than $618 million in 32 apartment communities in 10 Midwestern and Southern states.
The property, called Library Lofts East, consists of a six-story building built in 1906 and a conjoined 10-story building built in 1923, with a total of 118 units. The property was retrofitted in 2003; renovations included shared entrances and hallways.
Library Lofts East includes studios and one- and two-bedroom units, which range in size from 610 square feet to 1,240 square feet. The apartments include spacious closets and washers and dryers. Community amenities include a clubhouse, parking, fitness center, tanning beds, Jacuzzi and an indoor swimming pool.
The community is aptly named—it is located in the Library District, named after the city’s central library, which is adjacent to Library Lofts East. Also convenient to the residents are the Kansas City Live District and the Power & Light District, which include shopping, restaurants, bars and entertainment.
“This is our fifth Kansas-City area property,” Ella Shaw Neyland, president of Steadfast Income REIT, says. “Kansas City outperformed the nation during the most recent downturn and has had a quicker recovery due in part to the fact that its lower cost of living and cost of doing business make it an excellent spot for corporate headquarters, and its central location makes it an ideal transportation and distribution hub.”