Park Lofts is a 152-unit, multifamily rental property listed on the National Register of Historic Places. Situated in North Kansas City, Missouri (just a few miles north of bustling downtown Kansas City), the 9-story brick building is the tallest structure in the city and can be seen from miles away.
Originally constructed in 1913, the building underwent a $15 million acquisition and subsequent conversion to loft-style apartments in 1997. The acquisition and conversion were funded via a combination of tax-exempt bonds and equity raised through the Low Income Housing Tax Credit (LIHTC) and Historic Rehab Tax Credit Programs. Under the terms of the LIHTC program, apartments were originally rented to households making 60% or less of the area’s median income. However, in December 2015, the Lofts exited the LIHTC program and were no longer limited to income-restricted tenants. Units are now rented at market rate.This pivotal change provided a value-add real estate investment opportunity where an infusion of capital was used to improve and reposition a below-market property at substantially higher rents. In the years that have passed since this transition, Park Lofts has well exceeded conversion, rental and operational expectations.