Griffin Capital Raises $59.9 Million for Kansas City Multifamily DST

Griffin Capital Company has fully subscribed Griffin Capital (Union – Kansas City, MO) DST, a Delaware statutory trust that raised $59.9 million in equity for a Class A apartment community on the Kansas City, Mo., riverfront.

The trust ground leases Union Berkley Riverfront Apartments, a 407-unit property completed in 2018. The company did not disclose the offering’s loan-to-value ratio or the distribution rate paid to investors.

The company said the community is one of four luxury apartment properties directly along the Missouri River. It sits within Port KC’s 55-acre master-planned Berkley Riverfront redevelopment and offers one- and two-bedroom units. Amenities include a resort-style pool, a pickleball court, and bike storage.

Griffin Capital said the property should benefit from public and private investment in the district. That investment includes new green space, a riverwalk, retail development, the $117 million CPKC Stadium, and a planned streetcar extension with a stop next to the property.

“Kansas City continues to demonstrate strong multifamily fundamentals, supported by population growth, job creation, and economic diversification, while maintaining relative affordability compared to larger coastal markets,” said Paul De Martini, chief investment officer at Griffin Capital. He added that the property’s profile “is what supports the objectives our 1031 investors care about most: principal preservation and consistent income.”

The raise wraps up an offering AltsWire first covered in January. Griffin Capital paid $113.5 million for Union Berkley Riverfront in November 2025 and launched the DST in December. MMG Real Estate Advisors arranged the deal and called it the largest single-property sale ever recorded in Kansas City.

“We were very pleased with the investor receptivity to this offering, which we believe was driven by the property’s attractive basis and the strength of the Kansas City rental market,” said Nick Rosenthal, co-chief executive officer.

Griffin Capital said it is still sourcing rental housing assets for future 1031 exchange programs.

Union Berkley is Griffin’s second fully subscribed multifamily DST this year. In March, the firm raised $37.13 million for The Oaks at Riverbend, a 299-unit community in the Baton Rouge area. That came after a $45 million raise for The Isley at Windsor Hill in North Charleston, S.C., in late 2024. On the exit side, Griffin’s 2024 sale of Heritage on the Merrimack in Bedford, N.H., gave DST investors a 166.6% net total return over about 5.7 years, according to the firm.

Griffin Capital was founded in 1995. The firm says it has owned, managed, sponsored, or co-sponsored about $24.6 billion in assets. Its investment team works only in rental housing: multifamily, build-to-rent, and student housing. The firm says its portfolio includes 41 communities with more than 13,600 units and 693 student housing beds. Their total project value is more than $4.6 billion, including assets under construction.

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