Avanti Residential acquired Village West Apartments, a 306-unit Class-A apartment community in Kansas City, Kansas, for $65 million.
Denver-based Avanti has closed on $1.4 billion in apartment transactions during the past 12 months and is actively seeking out new acquisitions in select growth markets throughout the United States.
“This is an outstanding opportunity to grow our apartment portfolio in Kansas City, where affordability, quality of life and steady job growth contribute to increasing multifamily demand,” said Christian Garner, president of Avanti Residential.
Avanti now owns four properties in the greater Kansas City area, including neighboring Prairie View at Village West.
Village West Apartments is located at 8343 Leavenworth Road, near the master-planned Village West, a retail, dining and entertainment area that includes the Legends Outlets, Kansas Speedway, professional sports venues for soccer and baseball, and the future home of the $200 million American Royal.
Village West Apartments was built in 2014 with amenities including a resident clubhouse, media lounge, co-working lounge with conference room, fitness center and a resort-style pool. Apartment interiors include wood plank-style flooring, kitchens with granite counters and stainless-steel appliances, built-in workstations, walk-in closets, and 12-foot ceilings in select units.
Avanti acquired the project from JVN Realty Corporation, which was represented in the transaction by Mac Crowther and Whittaker Potts with Newmark. Acquisition financing was arranged by Newmark’s Charlie Williams. The project was 96 percent leased at the time of sale.