Chase Properties Buys St. Louis-Area Asset
The company partnered with Gold Block Ventures to acquire New Town Apartments in St. Charles, a 157-unit community completed in 2004.
A joint venture between Chase Properties and Gold Block Ventures has acquired New Town Apartments, a 157-unit community in St. Charles, a growing suburb of St. Louis. The transaction also included an additional 68 units which are under development. At the time of purchase, the asset featured an $8.2 million, 35-year HUD loan, according to real estate date provider Yardi Matrix. Whittaker Builders was the seller of the 2004-built community.
Located at 3301 Domain St., the property overlooks the entrance canal along North and South New Town avenues. It encompasses a mix of one-, two- and three-bedroom units ranging from 500 to 1,500 square feet. Common features include chef-inspired kitchens, hardwood floors, walk-in closets as well as patios and balconies. Residents have access to a number of high-end amenities such as a waterscape, fitness center, business center, clubhouse, volleyball court, playground and swimming pool.
The community allows pets and is within walking distance of a large number of restaurants and bistros. It was almost entirely leased as of August.
St. Charles has attracted several investors during the past years due to its lake views and affordable rents. This summer, Ascent Residential purchased Sun Valley Lake, a 680-unit community located 7 miles from New Town Apartments.
Image courtesy of Yardi Matrix