January 25, 2021 10:00 AM
Newmark announces the sale of Prairie View at Village West, a Class A, 311-unit multifamily asset located at 11200 Delaware Parkway in Kansas’ expanding multifamily submarket, Wyandotte County.
Newmark Vice Chairman Mac Crowther and Transaction Manager Whittaker Potts represented the seller, a private equity real estate fund advised by Crow Holdings Capital, in the transaction to the buyer, Avanti Residential. Newmark Executive Managing Director Charles Williams executed the financing on behalf of Avanti. The acquisition of Prairie View at Village West is Avanti’s first in Kansas City.
“Wyandotte County’s exciting future and proven growth potential positioned Prairie View at Village West in a prime position, capitalizing on proximity to major employment centers, entertainment and shopping areas, and industrial expansions,” said Crowther. “The significant industrial growth in the immediate area has led to thousands of new jobs with few Class A multifamily options in the immediate area.”
Wyandotte County is thriving with new development and redevelopment in its logistics, industrial and manufacturing districts. Due to its central location, available land and proximity to major industries, rail and air, along with the use of local and state incentives, Wyandotte County is an emerging hub for logistics and manufacturing sectors. While it is the smallest county in Kansas by area, it ranks fourth in both population and number of jobs, and third in average annual wage. With high employment growth in the area, the submarket features multiple headquarters for several of Kansas City’s larger employers, such as Cerner Campus and Dairy Farmers of America, and Urban Outfitters’ distribution center is expected in 2022.
“Prairie View at Village West is a thoughtfully designed multifamily community, with ample amenity options and some of the highest quality finishes in the Kansas City multifamily market,” said Christian Garner, President and CEO of Avanti Residential. “The unique floorplans and direct access garages provide a comfortable setting for the work-from-home tenant as well as the commuter, making this an exceptional addition to the Avanti portfolio.”
Prairie View at Village West is conveniently located near entertainment venues, high-traffic retail and is minutes from several of the metro’s most significant thoroughfares, I-435 and I-70, less than 15 minutes to the CBD, and less than 20 minutes from the KCI airport.
About Avanti Residential
Avanti Residential is a privately-owned and vertically integrated owner, manager, and investor of multifamily communities. With our mission of creating an innovative home experience with a focus on people, community, and service, our portfolio consists of 29 apartment communities comprising approximately 7,000 apartment homes in the states of Colorado, Arizona, Kansas, Utah, and coming soon - Florida. Our energetic team is comprised of approximately 200 professionals who manage and drive our business within a challenging, fast-paced, multi-faceted and dynamic environment. For further information, please see avantiresidential.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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