Tailwind Enters St. Louis With Student Housing Purchase

Tailwind Group has entered the St. Louis market with the purchase of 3949 Apartments, a 197-unit, 256-bed student housing community. This also marks the company’s first acquisition of the year.

The firm bought the asset from Greystar and took out a $19 million permanent loan originated by Old National Bank, according to Yardi Matrix information. A Newmark team led by Vice Chairman Ryan Lang brokered the deal.

Tailwind Group rebranded the community as The Landing at St. Louis and plans to renovate the leasing office, amenity spaces and common areas.

The four-story property came online in 2013 and consists of studio, one- and two-bedroom layouts, varying from 665 to 1,224 square feet, along with 13,300 square feet of retail space. The units feature washers and dryers, walk-in closets and private balconies.

Common-area amenities at the more than 2-acre property include a swimming pool, business center and clubhouse, fitness center, as well as TV and game lounge. The building has approximately 180 parking spaces.

The community is at 3949 Lindell Blvd., some 4 miles from downtown St. Louis. The property is within walking distance of the St. Louis University campus and several dining and retail options. Chaifetz Arena is less than 2 miles away.

National preleasing at the end of March stood at 67.7 percent, an annual increase of 240 basis points, according to the latest Yardi Matrix student housing report. Additionally, the average asking rent per bed reached $895 during the same period, an all-time high that further proves the growing student housing demand.