Newly opened St. Charles County apartment complex sells for $70M to New Jersey buyer

The deal was the buyer's first investment in the Midwest.

Newly opened St. Charles County apartment complex sells for $70M to New Jersey buyer

A St. Charles County luxury apartment complex completed early last year sold at the end of December for $70 million. in St. Peters, was purchased by an undisclosed New Jersey-based private firm making its first investment in the Midwest, according to a news release from Northmarq, the broker on the transaction. The seller was Indianapolis-based TWG Development. The units were roughly 80% occupied when the property sold, Northmarq said. Units are a mix of studios to one- or two-bedroom floor plans that have open concept spaces, kitchens with islands and stainless steel appliances, private balconies and extensive amenities, according to the release. Northmarq's debt/equity team, led by managing director David Garfinkel, arranged the buyer's financing. Among the projects that have recently opened in the area are The Jewel Apartments in St. Peters from Franklin, Tennessee-based Vita Residential. The Junction's developer, Mia Rose Holdings, has built four apartment complexes so far in the county, including the latest projects, The Station at St. Peters Luxury Living, an upscale 180-unit complex, and The Prairie in Dardenne Prairie, also with 180 apartments. "Despite having to navigate through a challenging financing environment, especially for pre-stabilized assets, our out-of-state buyer was extremely bullish on the leasing momentum and organic growth potential this asset offers for years ahead."