Avanti Residential Acquires 341-Unit Kansas City Apartment for $94M
$94M purchase is Denver-based Avanti’s seventh acquisition in the area
Avanti Residential has acquired Artistry Apartments, a 341-unit Class-A apartment community in Kansas City, Missouri, for $94 million. The purchase marks Avanti’s seventh investment in the Kansas City metropolitan area as the firm continues to build its portfolio of lifestyle-forward apartment communities in select growth markets throughout the U.S.
Artistry is located in downtown Kansas City’s Crossroads Arts District, an urban neighborhood of boutique shops, creative offices, art galleries, restaurants and entertainment venues, including the Kauffman Center for the Performing Arts.
Built in 2021, Artistry the project features a mix of micro, studio, one- and two-bedroom apartments with best-in-class apartment finishes and resort-style amenities catering to lifestyle-forward residents, a key element of Avanti’s investment strategy.
The project also includes 11,675 square feet of street level retail space that is 70% leased to Sola Salon, a national tenant.
Avanti acquired the project from nationwide apartment developer Milhaus. Both parties were represented by CBRE’s Kansas City Capital Markets team. The project was 95% leased at the time of sale.