Weeks after entering the Kansas City market, San Francisco-based real estate investment firm Hamilton Zanze has made its second acquisition in the metro area, and its first in Missouri. The deal for the 420-unit Cornerstone Apartments in Independence, MO follows Hamilton Zanze’s buy of a 272-unit property in Overland Park, KS.
Deal terms weren’t disclosed. The 14-building Cornerstone community was built in 2004 and is located near Interstate 70 and Independence Center Mall. The complex offers a mix of one and two-bedroom units.
“Cornerstone Apartments represented an opportunity to acquire a well-located asset at an attractive discount to its replacement cost,” said David Nelson, Hamilton Zanze’s managing director of acquisitions.
He added, “Kansas City has been a target market for Hamilton Zanze in the past two years, and we will continue to look for further opportunities throughout the Kansas City metro in the months to come.”