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TEI Acquires Multifamily Portfolio in St. Joseph, Missouri for $26M

Mitchell Park Plaza, one of the properties within the portfolio, is located at the site of the former Mead Paper Products Factory. (Photo courtesy of mitchellparkplaza.com)

ST. JOSEPH, MO. — Time Equities Inc. (TEI) has acquired two multifamily properties in St. Joseph for $26 million. Both properties were formerly industrial facilities converted into residential buildings. Foutch Brothers LLC was the seller. St. Joseph is approximately 55 miles north of Kansas City.

Mitchell Park Plaza, located at 1300 S. 11th St., consists of 301 units spanning 271,584 square feet. Located in the former Mead Paper Products Factory, the property offers studio, one-, two- and three-bedroom apartments. Amenities include an indoor pool, jogging track, outdoor movie theater, atrium and laundry facilities.

Lofts at 415, located at 415 N. 3rd St., consists of 48 loft units spanning 52,612 square feet. Once home to a Pony Express warehouse, the property offers two- and three-bedroom units up to 1,300 square feet.

Clifton Martin of TEI managed the transaction on behalf of TEI. Matt Ledom and Aaron Mesmer of Block Real Estate Services LLC brokered the transaction on behalf of Foutch.

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