KANSAS CITY, MO- A California REIT has just acquired a historic downtown Kansas City apartment building, another example of how CBDs across the Midwest have begun attracting new residents and made themselves desirable to investors. The 118-unit building, called Library Lofts East, was bought by Steadfast Income REIT Inc. for $12.75 million and was the second historic building they purchased in Kansas City. In 2011, the trust acquired the EBT Lofts, an 1899 building first used as a warehouse and converted to loft-style apartments in 2001.
Liberty Lofts was finished in 1923 and fully renovated in 2003. Overall, the trust has acquired 28 properties across the nation since forming in 2009, mostly multifamily developments in Texas, Oklahoma and the Midwest. They have acquired over 4000 units in the last year alone.
Their new acquisition has studios, one and two-bedroom apartments that rent for between $695 and $1,192. Currently, it has a 96 percent occupancy rate.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
