Indianapolis-based Cityscape Residential announced Wednesday it has closed on nearly $175 million in financing for four new apartment communities in the Midwest. The multifamily real estate development and construction firm says the communities will be built in Kansas City and Louisville.
The 300-unit Axis Apartments in Louisville is Cityscape’s second community in the city. The firm says it is the largest investment in an urban Louisville multifamily complex by an out-of-town developer.
“Our team is dedicated to developing Class-A, institutional-investor-quality, multifamily communities through strategic alliances with long-term capital relationships," said Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to streamline deal structures and close quickly once a targeted project has been agreed upon, and this round of financing is an excellent example of the benefit of such alliances.”
The firm already has numerous communities in development and planning stages in Indiana, Kentucky, Missouri and Kansas. One of those includes a 306-unit community in Plainfield, construction for which is set to begin later this year.