River Market Apartments Gets New Owner January 20, 2016

Kansas City Star | 1/20/2016

GFI Capital Resource Group Inc., a New York City-based real estate investment company, has purchased RMwest, a new two-building apartment complex in Kansas City’s River Market.

The purchase price was not disclosed.

The five-story, 137-unit complex of one- and two-bedroom apartments began accepting tenants in August. The buildings were developed by George Birt, who has invested about $60 million in apartment renovation or construction projects in the River Market area since 1999.

RMwest, at 228 W. Fourth St., is about two blocks from the new streetcar line, a site that added to its appeal for the buyers.

“We believe that Kansas City, like much of the country, is experiencing resurgence in downtown living, with millennials and empty nesters desiring to live in walkable infill neighborhoods,” said Scott Ferguson, a GFI vice president. “We want to be at the forefront of the urbanization trend.”

GFI said it also is “in the early stages of development” of two other Kansas City properties that are planned to add 1,800 housing units within 18 months.

The company in 2014 purchased Infinity at Plaza West, a 222-unit apartment complex at 4440 Roanoke Parkway, and is investing about $7 million in renovations. Those units are ready for lease this month, the company said.

Read more here: http://www.kansascity.com/news/business/development/article55723060.html#storylink=cpy

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