Steadfast Acquires Library Lofts East for $13M

KANSAS CITY, MO—Steadfast Income REIT Inc. has purchased the 118-unit Library Lofts East here in the downtown for $12.7 million.

The property consists of a six-story building built in 1906 and a conjoined 10-story building built in 1923. The property was fully renovated and retrofitted in 2003 with shared entrances and hallways throughout. The studio, one- and two-bedroom units range in size from 610 sq. ft. to 1,240 sq. ft. and offer amenities such as washer and dryers, skylights and a clubhouse with connected parking structure, fitness center, tanning beds, Jacuzzi hot tub and an indoor swimming pool.

“This is our fifth Kansas City-area property,” says Ella Shaw Neyland, president of Steadfast, in a statement. “Kansas City outperformed the nation during the most recent downturn and has had a quicker recovery due in large part to the fact that its lower cost of living and cost of doing business make it an excellent spot for corporate headquarters, and its central location makes it an ideal transportation and distribution hub.”

In 2011, the trust acquired Clarion Park in Olathe, Kan.; Truman Farm Villas in Grandview, Mo.; and EBT Lofts and Prairie Walk in Kansas City, Mo. With this acquisition, the REIT has acquired more than 7,000 apartment units in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Oklahoma, Ohio, Tennessee and Texas for $618 million.

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