Main Street apartment building sold

The Armaine apartments, a 102-year-old building at 3517 Main St., has been sold for $1 million.

Midtown Hospitality LLC acquired the six-story property from Coastline RE Holdings Corp., said Jon England of Lee & Associates Kansas City. The commercial real estate services firm represented the seller in the transaction.

The Armaine has 48 one-and two-bedroom apartments. The apartments were 90 percent leased at the time of the sale, England said.

The building was constructed in 1912 and was originally a hotel. It was later converted into an apartment building.

The buyer acquired the property as an investment and will continue to operate it as an apartment, England said. “In Kansas City, apartments continue to be very desirable commercial real estate investments,” he said.

This story was originally published November 18, 2014 at 12:00 AM with the headline "Main Street apartment building sold."