GFI Capital Resources has paid $98.65 million for three apartment properties with 846 units in the Kansas City, Mo., area.
The three properties are: Villas at Carrington Square, with 278 units at 9801 West 136th St. in Overland Park, Kan.; as well as Carrington Place at Shoal Creek, with 270 units at 9300 Northeast 87th St. and Carrington Park, with 298 units at 8501 North Platte Purchase Drive, both in Kansas City, Mo. They were purchased from Davis Development of Atlanta, which had developed them.
GFI Capital, a New York company that provides a variety of real estate services and insurance products, purchased the properties through its Irongate Realty Partners unit, which has invested more than $230 million for eight properties with 2,115 units over the past 14 months.
Irongate Realty aims to pursue additional acquisitions of class-A and B+ properties in certain markets, such as South Florida, Eastern Tennessee, Charlotte, N.C., and coastal South Carolina with between 250 and 350 units each. It will also seek value-add opportunities in Georgia, Texas, Arizona and Nevada.
Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.