Rare Downtown Kansas City Multifamily Portfolio Hits the Market

AUGUST 28, 2018
Rare Downtown Kansas City Multifamily Portfolio Hits the Market

Kansas City, MO — Newmark Grubb Zimmer Capital Markets has listed for sale the KC Loft Space multifamily portfolio consisting of four buildings totaling 259 historic loft style apartments in the heart of the River Market, Quality Hill, and Garment districts. The Richard & Connover, Old Townley, West Seventh and Opera House lofts offer the rare opportunity to acquire multifamily properties in Downtown Kansas City that have not been available in nearly two decades.

The portfolio is currently owned by a private investment group who acquired and renovated these historic assets in the early 2000s into loft and amenity rich apartment communities. The portfolio is positioned to accommodate both millennials and empty nesters that have flocked to Downtown seeking proximity to culture, nightlife, dining, shopping and employment opportunities. The Downtown submarket offers the best urban life/work/play environment in the entire metro area. In addition to being the most walkable area in the metro, the recent streetcar opening provides additional accessibility connecting the River Market, Power & Light District, Crossroads Art District and Union Station.

Over the last 12 months, several companies including Virgin Mobile USA, Spring Venture Group, AutoAlert and Swiss RE have all announced hiring plans that will bring more than 1,700 new jobs to the Downtown submarket. This increase in employee base will further drive continued demand for Downtown multifamily housing allowing investors to increase cash flows going forward.

For additional information regarding the opportunity please reach out to Michael VanBuskirk, SIOR, CCIM, CRE.

About Newmark Grubb Zimmer

Newmark Grubb Zimmer (www.NGZimmer.com) is a full-service commercial real estate company providing a range of services including sales and leasing, investment sales, property and facilities management, global corporate services, owner’s representative services for public and private development projects, and public-sector consulting. Its staff boasts an array of experience in design, construction, valuation, finance and legal matters.

Regularly recognized as one of the top brokerage firms in the region, Newmark Grubb Zimmer manages more than 7.8 million square feet of office, medical, industrial and retail property, and serves as corporate real estate advisor for an assortment of local, regional, national and international companies.

About Newmark Knight Frank

Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark"), is one of the world's leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.

Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and NKF Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world's largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.