Steadfast Income REIT has purchased the 119-unit Library Lofts East complex here for $12.7 million.
The property, comprised of the 10-story Dwight building and the six-story Burnap building is in the city’s redeveloped Library District. The properties were built in the early 20thcentury, but were retrofitted and renovated in 2003. The buildings feature one- and two-bedroom loft-style apartments with original hardwood floors, large windows, spacious closets and skylights. Community amenities include a connected parking structure, clubhouse and indoor pool.
David Gaines, a vice president of investments and Alex Blagojevich, an associate vice president with Marcus & Millichap Real Estate Investment Services, represented the seller, a local developer. “Apartment operations in Kansas City continue to firm as local employers add staff, driving new household formation and bolstering apartment demand,” says Gaines in a statement. “This year Kansas City employers will expand payrolls by 13,000 positions, the first annual increase since 2007.”
