CAPREIT Buys Suburban St. Louis Apartments
- Jul 21, 2016
Cottleville, Mo.—Multifamily specialist CAPREIT has acquired Traditions at Mid Rivers, an apartment community at 75 Fulton Street, in Cottleville, Mo., which is in suburban St. Louis. The property, which was completed last year, includes 212 units and traded for an unspecified price.
Traditions at Mid Rivers is pet-friendly and consists of one-, two- and three-bedroom apartments that feature a private patio or balcony, island kitchen seating, walk-in closets, and washer and dryer connections. Common amenities include a fitness center, resort-style swimming pool, clubhouse, garages and covered parking, and property-wide high-speed Internet access.
Nearby attractions include the 37-acre Legacy Park, which features a dog park, playground, volleyball, tennis and basketball courts, an amphitheater and multiuse trail. Cottleville is a small town, with about 3,500 residents, but that’s up from 3,000 in 2010, according to Census Bureau data. The median income for a Cottleville household is $74,200.
“We viewed this as an opportunity to acquire a year-old community in a growing, desirable suburb of St. Louis,” said Brendan Majev, acquisitions associate for CAPREIT. “We believe St. Charles County will continue to be the best-performing suburban area in St. Louis.”
Other CAPREIT apartment properties in the area are Greenway Chase in Florissant, Peine Lakes in Wentzville, and Time Centre and Sunbrook, both in St. Charles. Including the new acquisition, the company currently owns and operates nearly 14,000 units nationwide.