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Irongate Buys 3 Kansas City Multifamily Properties for $98.7 Million

KANSAS CITY - GFI Capital Resources, through its Irongate brand, buys three class A multifamily properties from a local builder.

By Chip Barnett | Updated on January 03, 2013

    KANSAS CITY – GFI Capital Resources Group paid $98.65 million for three class A multifamily properties totaling more than 950,000 square feet. 

   The portfolio, acquired through Irongate Realty Partners LLC, includes the Villas at Carrington Square, Carrington Place and Carrington Park, which total 846 residential units.    “We purchased all three of these luxury properties from a local builder,”  Robert Mascaro, Irongate Vice President of Acquisitions, says in a press release. “The deal closed in a single transaction.”    Masco said it was Irongate’s third acquisition in the last 14 months for a total $230 million for eight properties and 2,115 units.    “This was an extremely attractive opportunity for Irongate to continue to expand its portfolio into a new part of the country.  It is also an integral step in our ongoing strategy to invest primarily in class A properties,” Michael Weiser, GFI Executive Vice President, says in the release.  “We intend to improve upon the operations of the portfolio by establishing a regional presence in Kansas City, as it’s a bustling area with a very stable economy and steady growth.”    Irongate’s goal is to increase their current holdings throughout the country by targeting both A and B+ properties around 250-350 units.    The company is interested in various markets across the United States, including South Florida, Eastern Tennessee, Charlotte, NC, and the South Carolina coast. They are also seeking opportunities in Georgia, Texas, Arizona, and Nevada in properties with a moderate value-added opportunity that will play a significant role in the company’s growth projections.

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