Avanti Residential recently acquired the 308-unit Summit Square apartments in Lee’s Summit, MO, a Kansas City suburb. The multifamily investment firm purchased the property for $80 million and now owns eight apartment communities in the greater Kansas City market.
Christian Garner, President of Avanti Residential commented on this acquisition: “We continue to uncover appealing investment opportunities in Kansas City – a market where we have assembled a critical mass of apartment data and operational knowledge over recent years.” Despite current market challenges Jason Wine, Director of Acquisitions at Avanti noted that they were able to acquire this property at an attractive basis with fixed-rate financing which will likely result in strong performance over time.
The purchase was made from NorthPoint Development who was represented by Mac Crowther and Whittaker Potts from Newmark while Avanti represented themselves during the transaction process.
Industry experts are invited to attend Connect Midwest: Multifamily & Adaptive Reuse Trends taking place June 13th 2023 at W Chicago City Center Hotel for more information about trends within these markets as well as networking opportunities with peers across various sectors within real estate industry..
