Nationwide multifamily investor and operator Avanti Residential announced the acquisition of the 308-unit Summit Square apartments in the Kansas City metropolitan area for $80 million.
Summit Square was completed in 2018 with an amenity package and condo-quality interior finishes. Avanti paid $260,000 per unit for the class A project, well below replacement cost and comparable sales over the past year in the area.
“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 the past several years,” said Christian Garner, president at Avanti Residential.
Summit Square is located at 789 NW Donovan Rd. in Lee’s Summit, a Kansas City suburb that boasts high household incomes, an award-winning school district and a growing MSA in the state.
“We were able to acquire this property at a favorable basis with attractive fixed-rate financing and a
