KANSAS CITY, KS – Avanti Residential, a nationwide multifamily investor and operator, today announced the acquisition of Village West Apartments, a 306-unit Class-A apartment community in Kansas City, Kan., for $65 million. Denver-based Avanti has closed on $1.4 billion in apartment transactions over the past 12 months and is actively seeking out new acquisitions in select growth markets throughout the U.S.
“This is an outstanding opportunity to grow our apartment portfolio in Kansas City, where affordability, quality of life and steady job growth contribute to increasing multifamily demand,” said Christian Garner, president of Avanti Residential.
Avanti now owns four properties in the greater Kansas City area, including neighboring Prairie View at Village West. “This latest investment will definitely benefit from our current management experience in the immediate area,” added Garner. “We like the Village West area of Kansas City and all that is has to offer residents.”
Village West Apartments is located at 8343 Leavenworth Rd., near the master planned Village West, a sprawling retail, dining and entertainment area that includes the Legends Outlets, Kansas Speedway, professional sports venues for soccer and baseball, and the future home of the $200 million American Royal. Village West is the largest tourist destination in the state and a significant economic driver for Wyandotte County, along with a major logistics presence extending from the nearby intersection of I-70 and I-435.
Village West Apartments was built in 2014 with numerous lifestyle amenities, including a resident clubhouse, media lounge, co-working lounge with conference room, fitness center and a resort-style pool. Apartment interiors include wood plank-style flooring, kitchens with granite counters and stainless-steel appliances, built-in workstations, walk-in closets, and 12-foot ceilings in select units.
Avanti acquired the project from JVN Realty Corporation, who was represented in the transaction by Mac Crowther and Whittaker Potts with Newmark. Acquisition financing was arranged by Newmark’s Charlie Williams. The project was 96% leased at the time of sale.
“Our nationwide investment strategy relies on the strong working relationships we are able to forge with local market real estate professionals,” added Garner.
Avanti owns and operates 8,400 apartments in Colorado, Arizona, Utah, greater Kansas City and Florida. The firm is actively acquiring core-plus and value-add apartment projects on behalf of the firm’s institutional and private capital partners.
About Avanti Residential: Avanti Residential is an experienced investor and owner-operator of lifestyle-forward multifamily communities in the U.S. Founded in 2005 and headquartered in Denver, Colorado, Avanti operates a vertically integrated platform led by a seasoned executive team, each with more than 25 years’ experience in the acquisition and value creation of apartment properties. The company applies skilled real estate investment acumen in a culture of personal accountability and alignment to deliver exceptional value and attractive risk-adjusted returns for its institutional venture partners and private capital investors. AvantiResidential.com