Latest acquisition in Kansas City, Kansas marks largest investment in company’s 15-year history
- Acquires Corinth Portfolio in Kansas City, Kansas for US$39.75 million (CDN$51.95 million)
- Marks second acquisition within the new Avenue Living U.S. Real Estate Trust, the company’s first U.S.-focused fund
- Fund seeks to acquire approximately 4,000 units in select U.S. markets with a transaction value of US$400+ million by year-end 2021
CALGARY, AB, Nov. 25, 2020 /CNW/ – Avenue Living Asset Management (“Avenue Living”) is pleased to announce the acquisition of Corinth Portfolio in Kansas City, Kansas under its new U.S. Real Estate Trust for US$39.75 million, marking the largest investment in the company’s 15-year history. Corinth Portfolio is a 342-unit garden-style multi-family complex in the Overland Park neighborhood of the city.
“Kansas City is aligned with our strategy of investing in secondary markets with strong job and population growth, supported by a diverse economy,” said David Smith, CEO, Avenue Living U.S. Real Estate Trust. “The Corinth Portfolio gives our investors exposure to an undervalued multi-family property where we can leverage our platform to upgrade the overall quality of the asset.”
The Corinth Portfolio will be managed by Prism Property Management, a local top-tier property management firm. Prism currently manages approximately 10,000 multi-family units in 10 states across the United States.
“The Kansas market overall has been attracting new private investment to expand its economy, largely with technology related companies, while building on its existing Fortune 500 infrastructure. Additionally, young families and working professionals are drawn to the Overland Park submarket with its proximity to strong school districts and employment hubs, making it an ideal fit for our growing U.S. portfolio,” said Smith.
The Corinth Portfolio is Avenue Living’s second acquisition within its U.S. Real Estate Trust, the first being a 129-unit multi-family property in Colorado Springs, Colorado, which closed in October of this year. The Avenue Living Real Estate Trust currently has 471 units under management.
Avenue Living also oversees a large portfolio of real estate assets in Canada, with approximately CDN$1.9 billion in assets under management. Since 2006, Avenue Living has executed a strategy of investing in multi-family properties in key real estate markets across Canada. The Avenue Living U.S. Real Estate Trust leverages the company’s successful track record and vertically integrated platform to identify and invest in multi-family properties in the U.S.
For more information about Avenue Living and its U.S. Real Estate Trust as well as other investment opportunities, please visit avenuelivingam.com.