Berkadia closed the sale of The Landings at River Market, a 141-unit multifamily property in Kansas City, Missouri.
Directors Michael Sullivan and Brett Meinzer of Berkadia’s Kansas City office and Managing Director Alex Blagojevich of the Chicago office completed the sale on behalf of the seller, a joint venture between Artemis Real Estate Partners and Missouri-based CRES Management, LLC, and the buyer, Santa Cruz, California-based Canyon View Capital. The deal closed on Feb. 25.
Located at 213 Delaware St., The Landings at River Market is a low-rise apartment community comprised of three historic converted buildings known as Askew Saddlery, Volker Place and Pacific House. The properties were originally constructed as industrial/warehouse-type assets in the mid-to-late 1800s and were transformed to residential in the ‘90s, preserving the building’s historic character and charm while offering unique loft-style studio, one- and two- bedroom floor plans. On-site amenities include a laundry room, an elevator, a barbecue area and a courtyard.
The property embodies the ideal combination of a dynamic downtown location with significant value-add potential through continued and proven re-positioning. Interior renovations have been completed on approximately 55 percent of the property. This value-add, transit-oriented offering is situated along the Kansas City Streetcar line in the vibrant River Market District in downtown Kansas City and has a location that is directly accessible to the entirety of Kansas City’s interstate system.