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| Library Lofts East, Kansas City, MO |
KANSAS CITY, MO, March 20, 2013 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of Library Lofts East, two
conjoined apartment buildings totaling 119 units in Kansas City’s redeveloped
Library District.
The $12,750,000 sales price equates to $107,143 per unit.
David Gaines, a vice president investments in Marcus
& Millichap’s Chicago Downtown office and Alex Blagojevich, an
associate vice president investments in the firm’s Tampa office, represented
the seller, a Kansas City-based developer. The buyer is Steadfast Income REIT.
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| David Gaines |
Matthew Fitzgerald, a first vice president and
regional manager of Marcus & Millichap’s St. Louis, Mo. office, is the
firm’s broker of record in Missouri.
“Apartment operations in Kansas City continue to firm as
local employers add staff, driving new household formation and bolstering
apartment demand,” says Gaines. “This year Kansas City employers will expand
payrolls by 13,000 positions, the first annual increase since 2007.”
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| Alex Blagojevich |
“Library Lofts East received a great deal of attention from
the investment community,” adds Blagojevich, “especially from out-of-state
investors seeking higher yields.”
The property location is 1004 Baltimore Ave. in Kansas
City’s financial district, adjacent to the downtown branch of the Kansas City
public library.
Library Lofts East is comprised of the 10-story Dwight
Building, which was built in 1923, and the six-story 1906-built Burnap
Building. Both were retrofitted and
renovated in 2003.
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| Matthew Fitzgerald |
The buildings feature a distinctive collection of one- and
two-bedroom loft-style apartments with original hardwood floors, large windows,
spacious closets and skylights. Community amenities include a connected parking
structure, clubhouse and indoor pool.
For a complete copy
of the company’s news release, please contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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