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Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

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Cortona at Forest Park in St. Louis, Missouri
Investment SalesMidwestMissouriNews

Passco Cos. Acquires 278-Unit Cortona at Forest Park in St. Louis, Missouri

by Channing Hamilton

ST. LOUIS, MO. — Passco Cos. has acquired Cortona at Forest Park, a 278-unit complex in St. Louis, from Invesco Real Estate for an undisclosed price. Kevin Girard, Mark Stern and Zach Kaufman of JLL Capital Markets brokered the deal. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group negotiated acquisition financing on behalf of the buyer. Cortona at Forest Park was constructed in 2014 and is located at 5800 Highlands Plaza Drive. The property is comprised of one residential building on a 4.8-acre site. Units come in studio, one- and two-bedroom floor …

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Discovery Park in Lee’s Summit, Missouri
DevelopmentMidwestMissouriNews

Intrinsic Development Breaks Ground on $900 Million Discovery Park in Lee’s Summit, Missouri

by Channing Hamilton

LEE’S SUMMIT, MO. — Intrinsic Development has broken ground on Discovery Park, a $900 million mixed-use project in the southeast Kansas City suburb of Lee’s Summit. Plans for Discovery Park include 2,791 apartments within a development named Alura, as well as two hotels, office space, medical office buildings and retail space. The 3.9 million-square-foot development will span 268 acres near I-470 and Saint Luke’s East Hospital. Discovery Park will be constructed in four phases from now until 2031. The first phase is The Village, which will include 585 apartment units, …

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Leasing & MarketingMidwestMissouriNews

High Street Residential Begins Leasing The James in Kirkwood, Missouri

by Channing Hamilton

KIRKWOOD, MO. — High Street Residential, the residential subsidiary of Trammell Crow Co., has begun leasing The James in the St. Louis suburb of Kirkwood. The James offers 152 apartments, as well as more than 7,000 square feet of ground-floor retail space. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a pool, clubroom, private dining area, fitness center, indoor bike storage, work-from home center, pet wash and pet exercise area. The project is Trammell Crow Co.’s first multifamily project in the St. Louis market. Brinkmann Constructors is …

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The Darby at Briarcliff in Kansas City, Missouri
DevelopmentMidwestMissouriNews

The Opus Group Completes Development of The Darby at Briarcliff in Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — The Opus Group has finished constructing The Darby at Briarcliff, a 255-unit development in Kansas City. Owned by Balboa Real Estate Partners, The Darby at Briarcliff consists of two buildings, a four-story building with 186 units and a three-story building with 69 units. The property also includes 250 surface car parking spaces, 46 stand-alone garages, 78 carports and 120 covered bicycle storage spaces. Amenities include a pool, lounge with billiards, private event space, fitness center, work-from-home lounge, complimentary coffee bar, pet spa and dog run. The Opus …

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BerkadiaInvestment SalesMidwestMissouriNews

Berkadia Negotiates Sale of 120-Unit Majestic Stove Lofts in St. Louis

by Channing Hamilton

ST. LOUIS — Berkadia has brokered the sale of Majestic Stove Lofts, a 120-unit community in St. Louis. Built in 2006 at 2017 Washington Ave., Majestic Stove Lofts was 96 percent occupied at the time of sale. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, St. Louis-based Regency Realty Co. LLC. A California-based buyer acquired the asset. The sales price was not disclosed.

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Reserve at Spencer in St. Peters, Missouri
Affordable HousingDevelopmentFinanceMidwestMissouriNews

TWG Begins Construction of $42.9 Million Affordable Community in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — TWG has broken ground on Reserve at Spencer, a $42.9 million affordable community in St. Peters. Reserve at Spencer will offer 192 units across four stories. Apartments will be affordable to tenants earning less than 60 percent of the area median income. Amenities include a community lounge and clubhouse, kitchenette, playground, dog park, fitness center, co-working spaces and package rooms. CREA, LLC, Merchants Bank, UMB Bank, and the Missouri Housing Development Commission are partners on the project. The Industrial Revenue Authority of St. Charles County provided bond financing. …

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Marlowe in St. Louis
FinanceMidwestMissouriNews

JLL Arranges $47 Million Refinance for Marlowe in St. Louis

by Channing Hamilton

ST. LOUIS — JLL Capital Markets arranged a $47 million loan to refinance Marlowe, a 205-unit asset in the Central West End neighborhood of St. Louis. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier worked on behalf of the borrower, Keeley Properties, to secure the four-year, fixed-rate loan through an insurance company. Sound Mark Partners provided preferred equity for the deal. Marlowe was completed in 2022. The community offers studio, one- and two-bedroom units. Amenities include a pool and sundeck, lawn with putting green, 1,600-square-foot pet park, flex workspaces and …

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DevelopmentMidwestMissouriNews

Brinkmann Constructors Breaks Ground on Old Hickory Village in St. Peters, Missouri

by Channing Hamilton

ST. PETERS, MO. — Brinkmann Constructors has broken ground on Old Hickory Village, a 316-unit complex in the northwest St. Louis suburb of St. Peters. Tegethoff Development is the developer. TRi Architects is designing the property. Old Hickory Village will comprise two buildings and a parking garage. Amenities include a pool, fitness center, pickleball courts and three courtyards. According to TRi Architects, units will come in one- and two-bedroom floor plans.

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FinanceMidwestMissouriNews

Drever Partners Secures $15.7 Million to Refinance The Penleigh-Branson Row Micro Apartments in Branson, Missouri

by Channing Hamilton

BRANSON, MO. — Drever Partners has received a $15.7 million loan to refinance The Penleigh-Branson Row, a 325-unit micro apartment complex in Branson. Franklin Templeton provided the CMBS loan, which includes a 10-year term and a 60 percent loan-to-value ratio. The property was converted from a hotel and was leased up in nine months. CoreVest Finance, a division of Redwood Trust Inc., provided the original financing and construction loan for the conversion. Drever Partners is now raising capital for The Penleigh-Live Oak, which will sit adjacent to The Penleigh-Branson Row. …

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