GFI Capital Resources Group, investing through its Irongate brand, has acquired three class-A multifamily properties in Kansas City for $98.65 million. The portfolio, which consists of the Villas at Carrington Square, Carrington Place and Carrington Park, totals 846 residential units and over 950,000 sq. ft.
“We purchased all three of these luxury properties from a local builder,” Robert Mascaro vice president of acquisitions for Irongate, said in a statement. “The deal closed in a single transaction. This is our third acquisition under this brand in the past 14 months for a total of eight properties and 2,115 units, in excess of $230 million in transactions.”
“This was an extremely attractive opportunity for Irongate to continue to expand its portfolio into a new part of the country. It is also an integral step in our ongoing strategy to invest primarily in class-A properties,” Michael Weiser, executive vice president of GFI Capital Resources Group, said in a statement. “We intend to improve upon the operations of the portfolio by establishing a regional presence in Kansas City, as it’s a bustling area with a very stable economy and steady growth. We will focus on maximizing the economics of the properties and will continue to seek additional investment opportunities in the Kansas City market during 2013.”
Irongate’s goal is to increase its current holdings throughout the country by targeting both class-A and -B+ properties with 250 to 350 units. The company is interested in various markets, including South Florida (from Palm Beach to Miami), Eastern Tennessee (from Nashville South to Chattanooga), Charlotte, North Carolina and the coast of South Carolina. Irongate is also seeking opportunities in Georgia, Texas, Arizona, and Nevada in properties with a moderate value-add opportunity that will play a significant role in the company’s growth projections.