Wednesday, March 20, 2013

Historic Kansas City, MO Multifamily Asset Purchased for $12.7 Million



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.

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.”

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. 
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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