Sundance Bay JV Buys St. Louis-Area Community
Shore to Shore Properties was the seller of the 318-unit Class C multifamily asset. The buyer financed the purchase with a $13 million loan from Grandbridge Real Estate Capital.
Shore to Shore Properties has sold Crossing at Northpointe, a 318-unit Class C community north of St. Louis, to a joint venture between Sundance Bay and Ameritas, according to Yardi Matrix. Grandbridge Real Estate Capital originated a $13 million to finance the transaction. The loan matures in 2021 with an option to extend an additional one or two years, per St. Louis County public records.
The asset last changed hands in mid-2002, when Shore to Shore paid FPA Multifamily $11.5 million for the community. In October, FPA acquired a 758-unit property in the western suburbs of Chicago.
Located at 3144 Sunswept Park Drive in Florissant, Mo., the community is positioned within 20 miles of downtown St. Louis. The 22 three-story buildings are situated adjacent to a Kmart-anchored retail center along U.S. Route 67. A bus stop operates nearby, linking the property to the wider metro area.
Crossing at Northpointe contains a mix of one-, two- and three-bedroom units, with floorplans ranging from 662 to 965 square feet. Community amenities include a swimming pool, a tennis court, laundry facilities and a clubhouse.
Image courtesy of Yardi Matrix