In the News 3/ 1/ 2021

NorthMarq’s Kansas City office featured in Kansas City Business Journal: More than 5,900 KC-metro apartments delivered in 2020

Last year saw an eye-popping influx of apartment complex deliveries around the Kansas City metro area, though analysts believe this multifamily wave has crested, with more modest growth forecasted in 2021.

Stag Commercial LLC’s Sixty16 apartment development in Shawnee (pictured under construction as of late October) currently is in lease-up for its 67 units, per data from NorthMarq’s multifamily investment sales team.

A total of 5,938 multifamily units from 31 projects came online throughout the Kansas City market in 2020, according to a report [PDF] from NorthMarq’s multifamily investment sales team.

That figure — equaling 4.1% growth of the area’s existing apartment inventory — outstrips multifamily deliveries dating back to at least 2014, per NorthMarq’s data. The next highest year for deliveries, 2016, saw 4,141 new local units.

Looking ahead to 2021, the Minneapolis-based company projects less overall inventory growth, at 2.8%. Even so, representatives noted, the lower percentage does not signify a slowdown in the metro’s multifamily market, and still compares favorably to historic averages.

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