Time Equities Inc., a sponsor of private placement offerings and custom 1031 exchanges, has purchased two properties in Kansas City, Missouri for a combined $20.9 million.
The company purchased SoHo Commercial Lofts, located at the base of SoHo Lofts, a residential condominium property, for nearly $3.8 million. The property is in Kansas City’s Garment District and includes nine commercial condominium units, three parking units with 43 parking spaces, and a 139-space parking garage. The Phoenix, a downtown jazz club, occupies one of the ground floor commercial spaces along with a restaurant, café bakery and other local establishments.
Separately, Time Equities purchased the 380-unit Plaza East apartment and townhome complex for $17.1 million. The property, which was originally constructed in 1950 and has been partially upgraded over the last three years, is within close proximity to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City.
“Time Equities is bullish on both Kansas City markets, in Kansas and Missouri,” said Clifton Martin, acquisitions and assets manager at Time Equities. “Considering the influx of development and organic economic growth in the submarket, we felt this was an opportune time to acquire our first commercial condominium in the region. It’s a segment of the commercial market TEI has had significant success in, so we are eager to explore future acquisition opportunities in this particular sector in the future.”
TEI has become increasingly active in the greater Kansas City region, with recent multifamily acquisitions including Mitchell Park Plaza and Lofts at 415 located in St. Joseph, Missouri; Suntree Apartments located in Kansas City, Kansas; and Broadway Studios located in Gladstone (North Kansas City), Missouri. Recent non-residential acquisitions in the area include an office and retail portfolio located in the Crossroads Arts District.
Founded in 1966, Time Equities Inc. is a real estate investment, development, and asset and property management firm. The company oversees a 31 million-square-foot portfolio of residential, office, retail, and industrial properties located in 30 states, five Canadian provinces, Germany, the Netherlands, and Anguilla. In addition, Time Equities closed approximately $30 million of outside 1031 exchange capital for new investments throughout 2017.