JVM Realty Acquires St. Louis Community
The purchase of Ceylon Apartments marks the firm’s first in the metro and expands its Midwestern portfolio.
A mixed-use luxury boutique apartment community in the western St. Louis suburb of Clayton, Mo., has been acquired by real estate investment and property management firm JVM Realty Corp. This is the first acquisition for JVM Realty in the St. Louis metropolitan area, reflecting a company plan to continue acquiring luxury rental properties in suburban communities across four Midwestern states: Illinois, Indiana, Kansas and Missouri.
The three-year-old Ceylon Apartments features 121 apartments and 13,421 square feet of ground-floor retail. It will be managed by JVM Realty.
Located at 25 North Central Ave., Ceylon Apartments features studio, one- and two-bedroom units ranging from 510 to 1,507 square feet. Features and finishes of apartments include en-suite bath, plank flooring, quartz countertops, floor-to-ceiling bath or shower and oversized windows with solar shades. A 24-hour fitness center is among amenities.
“Despite the negative effects the coronavirus has generally had on business, this transaction was completed relatively smoothly,” Jay Madary, president & CEO of JVM Realty Corp., told Multi-Housing News.
“We are pleased that we were able to close this acquisition with no real challenges, and that we were able to add this impressive, boutique community to our growing portfolio. Much of our due diligence process was business as usual for this transaction and fortunately, there were no significant hurdles. I know many have been upended by the impact of the coronavirus pandemic, but this transaction was largely unaffected.”
Earlier this year, Madary spoke about the importance of a good workplace culture.
A near-in suburb, Clayton is situated directly west of St. Louis proper. Ceylon Apartments is a four-minute drive from Washington University, and no more than five minutes from five different transit stops. Several recreational amenities are within an eight-minute drive from the property. They are The Green Center, St. Louis Zoo, Tilles Park and St. Vincent County Park. Lambert-St. Louis International Airport is approximately 15 minutes away.