Avenue Living Asset Management has acquired the Corinth Portfolio in Kansas City, Kansas, under its new U.S. Real Estate Trust for $39.75 million, marking the largest investment in the company’s 15-year history. Corinth Portfolio is a 342-unit garden-style multifamily complex in Overland Park, Kansas.
The Corinth Portfolio will be managed by Prism Property Management, a local property management firm. Prism currently manages about 10,000 multifamily units in 10 states across the United States.
The Corinth Portfolio is Avenue Living’s second acquisition within its U.S. Real Estate Trust, the first being a 129-unit multi-family property in Colorado Springs, Colorado, which closed in October of this year. The Avenue Living Real Estate Trust currently has 471 units under management.