FPA Multifamily Buys 480-Unit Asset in St. Louis
The buyer also assumed the outstanding balance on a CMBS loan.
In a transaction arranged by Cushman & Wakefield, FPA Multifamily has acquired Oxford Hills, a 480-unit multifamily community in St. Louis, Mo., from Harbor Group International.
The buyer also assumed the outstanding balance of a $35 million CMBS loan on the property, fixed at a 3.9 percent rate, provided by Wells Fargo Bank and originated by Northmarq Capital in 2016, according to Yardi Matrix data.
HGI had purchased the asset in 2020 from Aragon Holdings as part of a $1.8 billion portfolio transaction comprising 36 properties.
Rebranded as ReNew on Lindbergh, the 1972-completed community incorporates 35 buildings with one-, two- and three-bedroom floorplans, ranging from 650 to 1,200 square feet. Common-area amenities include a fitness center, swimming pool, dog park, cyber café, tennis court and playground, along with on-site laundry facilities.
Located at 10304 Oxford Hill Drive, the asset is off Highway 67, between interstates 270 and 170, roughly 16 miles from downtown St. Louis. There are some retail and dining options in the community’s proximity. The property is also close to multiple healthcare providers including the Mercy Hospital St. Louis and the Barnes-Jewish West County Hospital.
Investments favor value-add
Cushman and Wakefield’s Executive Vice Chairs George Tikijian and Hannah Ott, along with Director Matt Stephens, represented the seller in the transaction. Last year, Ott and Tikijian were involved in a portfolio sale that represented the largest transaction by dollar value in Indiana’s history.
In prepared remarks, Stephens mentioned an investment trend towards value-add assets in the region. Since the beginning of the year, 10 properties have traded in metro St Louis, totaling 2,842 units, Yardi Matrix data shows.