Hamilton Zanze Snaps Up Kansas City Asset

HZ’s latest acquisition, Crossroads Westside in the Kansas City market, was featured in a recent Multi-Housing News article titled, “Hamilton Zanze Snaps Up Kansas City Asset.” This five-story, 360,000-square-foot property is HZ’s fourth acquisition of the year. The article highlights key details from the sale and the property itself.

Read the full article, and see below for a short excerpt.

“There were a number of things that appealed to us about Crossroads Westside,” said David Nelson, president and chief investment officer at Hamilton Zanze. “For starters, the in-place assumable debt was better than market, and the tax abatement in place is long-term and beneficial. More broadly speaking, the Kansas City metro is experiencing some of the best rent growth in the nation as well as steady occupancy rates. Supply and demand are in balance, and people are moving to Kansas City. We’re bullish on the area and look forward to expanding our presence in the metro to gain more economies of scale.”

According to a recent Yardi Matrix report, the multifamily advertised asking rental rates in Greater Kansas City rose by 3.4 percent year-over-year as of June—one of the top rent growth markets, outperformed only by Milwaukee (3.8 percent), Bridgeport-New Haven (3.9 percent), New York City (4.8 percent) and Louisville (5.5 percent).