(To read more on the multifamily market, click here.)
INDEPENDENCE, MO-America First Apartment Investors Inc., anOmaha-based REIT, has completed its purchase of CornerstoneApartments for about $37.5 million or $89,286 per unit. Theacquisition of the 420-unit suburban complex marks the Omaha-basedREIT's entry into the Kansas City market.
Jack Cassidy, chief executive officer of America First, says thecompany prefers to add newer, well-located properties to itsportfolio. Built in 2004, Cornerstone Apartments is close toupper-middle-class, single-family homes, class A commercialdevelopments, schools, and churches, as well as the IndependenceMall, a large regional center with more than 1.1 million sf. "It'salso an area that has seen a lot of new development and a lot ofnew job growth," Cassidy says.
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