Missouri Valley REIT Acquires 696 Apartment Portfolio in Wichita, Kansas
Springfield, MO - Missouri Valley REIT INC., through its operating partnership, Missouri Valley Operating Partnership, L.P. announced on September 14th, 2015, the acquisition of 696 apartments in the Wichita, Kansas area.
The purchase, which encompassed five properties in the Wichita, Kansas area, provided Missouri Valley REIT entry into its third tertiary market, and marks its single largest acquisition to date. Nathan Farha and Jeff Englert of NAI Martens, who brokered the transaction, are committed to assist in Missouri Valley’s efforts to grow their presence in Wichita and the regional market.
The acquisition included, Eastgate Apartments, High Point East Apartments and Morgan’s Landing in Wichita Kansas, Springcreek Apartments in Derby, Kansas and Northridge Crossing in McPherson, Kansas. The purchase of all five properties is a continuation of the REIT’s strategy to invest in class-B multifamily assets in the Midwest and will provide further opportunity for the REIT to partner with the Wichita Community and invest in quality multifamily assets in the region.
Missouri Valley REIT INC., is a Real Estate Investment Trust that seeks to invest in multifamily real estate in the Midwest and Upper Midwest regions of the United States. The name comes from the intention to operate in markets that are substantially similar to cities where Missouri Valley Conference Universities are located. These communities are generally located in regions where a stable, growing economy exists. These cities are regional communities for healthcare, government services, retail shopping centers, university education facilities, and strong manufacturing/office center work forces. These markets do not experience the dramatic economic swings of many of the coastal communities of the United States.
NAI Martens is the largest full-service commercial real estate firm in Kansas and is the regional representative of NAI Global. Founded in 1948 with offices in Topeka and Wichita, NAI Martens provides a broad array of commercial real estate services, including brokerage, site selection, consulting, market feasibility studies, forecasting and tenant representation throughout Kansas. NAI Martens is a division of The Martens Companies, which also includes these companies: Martens Appraisal (commercial appraisals), Huffman Corridor Consulting (consulting and appraisal on the combination of access management and land use), Receivership Services Corporation (management and repositioning of troubled assets) and Hospitality Management Corporation (hotel/motel management).