Cushman & Wakefield Brokers Sale of 680-Unit MO Community
Mike Hanrahan and Bobby Mills of the St. Louis office and Mike Kemether of the company’s Atlanta office represented the seller, Priderock Capital Partners, in the transaction.
Cushman & Wakefield has arranged the sale of Sun Valley Lake, a 680-unit apartment community located in St. Charles, Mo. Mike Kemether of the company’s Atlanta office, along with Mike Hanrahan and Bobby Mills of the firm’s St. Louis office arranged the sale on behalf of Priderock Capital Partners. Ascent Residential purchased the multifamily asset for an undisclosed sum.
According to Yardi Matrix data, the sale was subject to a $6 million loan held by Fannie Mae. The seller acquired the asset for $51.3 million back in 2016. The 59 buildings feature one- and two-bedroom units. Amenities include indoor and outdoor swimming pools, fitness center, tennis, volleyball and basketball courts and covered parking. At the time of the transaction, the community was 97.1 percent occupied.
Located at 1300 Sun Lake Drive, the 1986-built Sun Valley Lake is part of a park-like setting that includes the 7.5-acre Hafers Lake. Situated along Interstate 70, the property is in close proximity to retail, dining and entertainment venues, as well as Lindenwood University, which is less than two miles away.
“Our collaborative marketing efforts with our Atlanta team successfully attracted a first-time buyer to the Midwest, which is another testament to the influx of new capital entering the St. Louis market as a result of higher yields that primary markets cannot offer,” said Mills, in a prepared statement.
Recently, Cushman & Wakefield’s Atlanta office also arranged a $78.3 million portfolio sale containing a total of 1,522 units.
Image courtesy of Cushman & Wakefield
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