Bonaventure Buys St. Louis-Area Luxury Asset
Thompson Thrift sold the suburban property.
Bonaventure Holding Co. has purchased Avenue64, a 316-unit luxury community in O’Fallon, Mo., a suburb of St. Louis. Thompson Thrift sold the asset in a deal arranged by CBRE. in addition, Voya Investment Management issued a $43.5 million acquisition loan, St. Charles County public records show.
In 2020, Watermark Residential, an affiliate of Thompson Thrift, purchased approximately 19 acres of land in O’Fallon with plans to build Avenue64. The firm broke ground on the project that same year.
Completed in 2023, the community encompasses one- to three-bedroom floorplans ranging between 725 and 1,457 square feet. Units feature 9-foot ceilings, glass cooktop stoves and quartz countertops.
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The 95 percent-leased community includes such amenities as a clubhouse, a gym, a swimming pool with cabanas, entertainment areas, as well as a pet spa and park.
Located at 1000 Watermark Drive, Avenue64 is less than 1 mile away from Interstate 64, while downtown St. Louis is some 31 miles east. Several quick-service restaurants and retail options, as well as the Progress West Hospital, are within walking distance.
CBRE Vice Chairmen George Tikijian, Hannah Ott and Matt Bukhshtaber brokered the sale.
Bonaventure invests throughout the Mid-Atlantic and Southeast markets, having deployed some $2.2 billion in transactions across 6,796 units. In one of last year’s investments, the company purchased Monticello Station Apartments, a 121-unit asset in Norfolk, Va.
St. Louis’ sluggish multifamily investment scene
During 2024’s first quarter, St. Louis’ investment volume reached $71 million as four assets of 50 units or more changed hands, a recent Yardi Matrix report shows. As investors continued to face economic headwinds, the average price per unit fell by 27.6 percent through March, sliding down to $109,169.
One of the properties changed hands in a $220 million portfolio transaction that also included communities throughout Atlanta, Philadelphia and Raleigh, N.C. Named “Project Big Timber”, the asset bundle featured a half-dozen garden-style properties totaling 1,249 units.
