Hamilton Zanze Acquires St. Louis Community
The firm's purchase of Steelyard & Icehouse Apartments marks its second in the metro within the last six months.
Steelyard Icehouse Apartments. Image courtesy of Hamilton Zanze
A loft-style apartment community situated in the up-and-coming Soulard nook of downtown St. Louis has been acquired by real estate investment firm Hamilton Zanze.
The Class A, mid-rise, 170-unit Steelyard & Icehouse Apartments features two components. In 2016, developer LuxLiving renovated a 1924 ice warehouse called The Icehouse, creating 42 loft residences with open-concept floorplans. Subsequently, The Steelyard, a five-story 128-unit apartment community with an adjacent structured parking garage, was built on a nearby parcel that formerly housed several industrial structures and warehouses. That apartment community opened last year.
The combined apartment community offers smart home technology-equipped studio, one-, two- and three-bedroom residences that average 784 square feet in size. Units feature private balconies or patios, island kitchens, quartz countertops, stainless steel appliances and wood-style flooring. A rooftop entertainment deck, featuring views of the nearby Mississippi River and iconic St. Louis Arch, tops the amenity selection.
Expanded presence
Hamilton Zanze has named Mission Rock Residential as property manager for the rental community. The appointment allows the company to expand its Missouri presence.
Last month, Hamilton Zanze announced its acquisition of Bluebird Row Apartments, its first acquisition in the Chattanooga, Tenn., market.
“Our entire team worked diligently with all parties involved to close this transaction,” Dave Nelson, Hamilton Zanze managing director of acquisitions, told Multi-Housing News. “Given that we were able to complete this closing while our company worked remotely from home is a testament to the strength of Hamilton Zanze as a firm. Steelyard will provide our investors another tremendous opportunity to invest in the St. Louis metro.”
Prime location
Steelyard’s downtown location puts residents near a number of employers, including Anheuser-Busch, Boeing, Washington University and St. Louis Children’s Hospital. Transit options can take residents to Busch Stadium, the Civic Center and Union Station in less than five minutes. Lafayette Park, Serra Sculpture Park and Missouri Botanical Garden stand 1.7 to 3.2 miles away.
In 2018, the St. Louis market ranked in the top 100 in the U.S. for business, careers and education. A recent study conducted by Brookings Institution of 70 older industrial cities found the Gateway City one of those with stronger economies making greater progress toward renewal and reinvention.
In a prepared statement, Hamilton Zanze reported this, its second acquisition in the St. Louis metropolitan market in the past half year, reflects its optimism about the region’s prospects for continued expansion.
