Fenton Apartment Development Sells for $25M
Date Posted: February 23, 2021
Posted In: Projects,
From St. Louis Business Journal: Turtle Creek Apartments, a 128-unit multifamily development in Fenton, has sold for $24.9 million.
The buyer was RM Communities, a subsidiary of Los Angeles-based RealtyMogul, a private equity firm with investments over $2.8 billion.
The seller was Highgate Capital Group LLC, a Chicago-based firm whose 2019 acquisition of Turtle Creek for $19.73 million was one of the biggest commercial real estate transactions of that year.
The acquisition comes at a good time for investing in the multifamily market. Research from CBRE found that suburban properties in the Midwest and Southeast are expected to provide the best opportunities for investors this year, with St. Louis, Indianapolis and Kansas City among the best apartment markets in the country.