Hamilton Zanze has partnered with an affiliate of Cantor Fitzgerald LP to purchase its first St. Louis multifamily property for $44 million. The partnership bought the property from Lux Living, with the help of a $24.2 million loan from KeyBank according to Yardi Matrix data.
Located at 5510 Pershing Ave., the 160-unit Tribeca offers studios, one-, two- and three-bedroom units. The modern building was completed in 2018 and its high-tech apartments come equipped with USB ports, Bluetooth smart locks and Amazon Alexas. The property’s amenities include a delivery robot, a fitness center, a pet park and spa, indoor and outdoor game areas, concierge services, self-serve beer and wine on tap, car charging and wash stations, and a saltwater pool. The combination of newly-built units and a suite of amenities has attracted a lot of attention as Tribeca was 100 percent occupied when sold.
David Nelson, managing director of acquisitions for Hamilton Zanze, told Multi-Housing News that Tribeca was situated in an ideal location between two of the strongest submarkets in St. Louis, Central West End and Clayton. Nelson also told MHN that there would be strong demand for Tribeca’s quality apartments and amenities, especially from grad students and the large amount of hospital jobs coming to the area.
Hamilton Zanze, who was represented by Collier’s Will Matthews in the transaction, also put in new managers for Tribeca. Mission Rock Residential, an affiliate company of Hamilton Zanze, will be running their new acquisition.
FIFTH DEAL FOR PARTNERSHIP
Nelson told MHN that Tribeca represents the fifth deal with the Cantor Fitzgerald affiliate. In another Nashville transaction, the duo spent $56.7 million to purchase a 326-unit apartment community from Aimco.
But their reach spans several states as Hamilton Zanze and Cantor Fitzgerald also purchased the 246-unit Arrow Canyon apartment community in Las Vegas for $60 million. Nelson added that the two companies have worked together in Towson, Md.; Nashville, Tenn.; and Las Vegas over the years.