Missouri Valley REIT Acquires 696 Apartment Units in Greater Wichita, Kan.

WICHITA, KAN. — NAI Martens has brokered the sale of five apartment properties totaling 696 units in the Wichita area for an undisclosed price. Missouri Valley REIT Inc., a private real estate investment trust, was the buyer and Olderbak Enterprises South LLC was the seller. The acquisition was Missouri Valley REIT’s largest to date. The acquisition included Eastgate Apartments, High Point East Apartments and Morgan’s Landing in Wichita; Springcreek Apartments in Derby, Kan., and Northridge Crossing in McPherson, Kan. The purchase of all five properties is a continuation of the REIT’s strategy to invest in Class B multifamily assets in the Midwest and Upper Midwest. Nathan Farha and Jeff Englert of NAI Martens brokered the transaction. The name Missouri Valley REIT stems from its strategy of investing in markets that are substantially similar to cities where universities in the Missouri Valley Conference are located. These communities are generally in regions with a stable, growing economy.