Griffin Capital Acquires 407-Unit Multifamily Asset in Kansas City

Griffin Capital, a real estate investment manager focused on institutional rental housing investments, announced January 7 the acquisition of Union Berkley Riverfront Apartments, a 407-unit, Class A multifamily community located in Kansas City's Berkley Riverfront district.

The transaction terms were not disclosed.

Multifamily Asset Details and Location

Completed in 2018, Union Berkley Riverfront is one of only two luxury apartment communities situated directly along the Missouri River. The property is located within Port KC's 55-acre master-planned riverfront redevelopment, which is scheduled to bring an expansion of restaurants and amenities to the neighborhood in 2026.

The multifamily property features modern one- and two-bedroom residences with contemporary finishes. Common area amenities include a resort-style pool, pickleball court, and bike storage.

Market Fundamentals Drive Acquisition Strategy

"Kansas City continues to demonstrate strong multifamily fundamentals, supported by population growth, job creation, and economic diversification," said Paul De Martini, Griffin Capital's Chief Investment Officer. "The metro has benefited from significant corporate investment and infrastructure development, while maintaining relative affordability compared to larger coastal markets. Multifamily occupancy in the market is projected to remain stable through the end of the decade, supported by disciplined new supply."

The acquisition positions Griffin Capital to benefit from substantial public and private investment occurring within the Berkley Riverfront district. Infrastructure improvements include new green space, a riverwalk, retail development, the $117 million CPKC Stadium, and a planned streetcar extension scheduled to open in early 2026, with a stop adjacent to the property.

Investment Plans

The community has demonstrated strong operating performance, achieving high occupancy and positive leasing momentum. Comparable Class A communities in the submarket are leasing at higher rent levels, highlighting the property's competitive positioning within the riverfront corridor.

Griffin Capital plans to implement a targeted capital investment program focused on maintaining the property's competitive position and enhancing the resident experience, while transitioning management to a leading institutional multifamily operator with a significant local presence.

"The acquisition aligns with Griffin's strategy of investing in institutional-quality rental housing assets located in markets with durable fundamentals and long-term growth drivers," said Nick Rosenthal, Griffin Capital's Co-Chief Executive Officer.

About Griffin Capital Company

Griffin Capital Company is a real estate investment management firm with a nearly 30-year track record. Since its founding in 1995, the firm has owned, managed, sponsored, or co-sponsored approximately $24.5 billion in real estate assets.

Sources

Griffin Capital Company