KeyBank originated a $33.7 million Fannie Mae loan for the acquisition
Passco Cos. has purchased Cortona at Forest Park, a 278-unit community in St. Louis, from Invesco Real Estate. JLL Capital Markets facilitated the transaction, while KeyBank Real Estate Capital originated a $33.7 million Fannie Mae loan, public records show.
The purchase price could not immediately be learned. The previous owner acquired the building in a two-asset portfolio transaction in 2021, Yardi Matrix data shows, and took out a $45 million permanent loan from Metropolitan Life Insurance. The Class A property was 93 percent occupied at the time of the current sale.
Dating back to 2014, the five-story building encompasses studio, one- and two-bedroom layouts, varying between 575 and 1,264 square feet. Apartments feature washers and dryers, together with private balconies or patios in select units.
Common-area amenities at the 4.8-acre community consist of a fitness center, business center, clubhouse, community room and a spa. In addition, the are two swimming pools with cabanas, a coffee bar, a dog park and some 350 parking spaces.
Located at 5800 Highlands Plaza Drive, the building is close to Forest Park and several dining options. Brentwood Pointe, Brentwood Square and a Target are within 4 miles, while downtown St. Louis is 6.2 miles away. St. Louis Downtown Airport is 10 miles southeast.
The JLL Capital Markets team involved in the transaction included Senior Director Kevin Girard, Managing Director Mark Stern and Director Zach Kaufman. Earlier this fall, the same team brokered the $95 million sale of Woodlands of Crest Hill, a 730-unit community in Crest Hill, Ill.
According to a Yardi Matrix report, the St. Louis market remains steady, with an under-construction pipeline of 4,464 units as of August. In terms of supply, some 1,230 apartments came online through October, accounting for 1.0 percent of the existing stock. A total of 2,506 units are expected to be delivered until the end of the year, the same source shows.
However, multifamily transactions in the metro saw a steep decline, from $823 million in sales during the first eight months of 2022, to $404 million in the same period this year.
Originally published by www.multihousingnews.com.
