Nationwide multifamily investor and operator Avanti Residential has acquired Artistry Apartments, a 341-unit Class-A apartment community in Kansas City, Missouri, for $94 million. The purchase marks Avanti’s seventh investment in the Kansas City metropolitan area as the firm continues to build its portfolio of lifestyle-forward apartment communities in select growth markets throughout the U.S.
“We are pleased to have uncovered this investment opportunity in Kansas City, a market we have come to know quite well over the past several years,” said Christian Garner, president of Avanti Residential. “Affordability, quality of life and steady job growth continue to provide fundamental support for the region, plus we have built a good base of operational knowledge from managing other properties in the area.”
Artistry is ideally located in downtown Kansas City’s Crossroads Arts District, a vibrant urban neighborhood of boutique shops, creative offices, art galleries, innovative restaurants and entertainment venues, including the Kauffman Center for the Performing Arts.
Built in 2021, Artistry was awarded the 2021 Capstone Award, Kansas City’s preeminent honor for commercial real estate development. The project features a mix of micro, studio, one- and two-bedroom apartments with best-in-class apartment finishes and resort-style amenities catering to lifestyle-forward residents, a key element of Avanti’s investment strategy.
The project also includes 11,675 square feet of street level retail space that is 70% leased to Sola Salon, a national tenant.
Avanti acquired the project from nationwide apartment developer Milhaus. Both parties were represented by CBRE’s Kansas City Capital Markets team. The project was 95% leased at the time of sale.
Avanti owns and operates over 8,500 apartments in Colorado, Arizona, Utah, greater Kansas City and Florida. The firm is actively acquiring core-plus and value-add apartment projects on behalf of the firm’s institutional and private capital partners.
