Developer Buys Massive Downtown West Apartment Complex for $73M
Date Posted: December 19, 2022
Posted In: News, Projects,
From St. Louis Business Journal: A multifamily developer new to St. Louis has purchased one of the region’s largest apartment complexes for more than $73 million.
Tampa, Florida-based Blue Magma Residential on Oct. 27 bought the CityView apartments, at 110 N. 17th St. in Downtown West, for $73.5 million, according to city records. The complex has more than 700 apartments.
Ahead of the deal, the seller, Mills Properties, funded $28 million in renovations to the 769-unit complex, which has been rebranded as Gateway at CityPark, according to a news release from Kansas City-based commercial real estate advisory firm Mid-Markets Group, which brokered the deal for the seller.
MMG senior directors Daniel Wiele and Tom Maloney represented Mills Properties in the transaction. Mills is led by Chairman Bruce Mills and CEO Kirk Mills.
“We are very excited to welcome Blue Magma Residential to St. Louis and look forward to watching their continued transformation of Gateway at City Park,” Wiele said in a statement.
Specifics were not available on Blue Magma’s future plans for the property. Gateway at CityPark takes its name from CityPark, the Major League Soccer stadium that will host its first matches for new MLS team St. Louis City SC in the spring. Developers have planned more than $500 million in developments in the area surrounding the stadium known as Downtown West, including the $130 million renovation of the historic Butler Brothers building, which will be converted into more than 300 apartments known as The Victor.
Among the additions to Gateway at CityPark in recent years have been a CityHive coworking space, covered parking garage, media lounge and game room, rooftop terrace, two fitness centers, music studio, car wash and electric charging stations, MMG said. As part of the recent $28 million in upgrades, Mills added a new parking structure, plumbing infrastructure, roofs and elevators, the real estate advisory firm said.