ZM Management Sells St. Louis Asset for $70M
The property came online in 2019.
Northmarq has brokered the $70 million sale of Villages at Lake Silvercote, a 381-unit multifamily property in Wentzville, Mo. Land & Apartments purchased the asset from ZM Management, according to Yardi Matrix information.
The buyer took out a $49 million acquisition loan from EquiTrust Life Insurance Co., the data provider shows. This is the first time the property has traded since its completion in 2019.
Located at 100 Dry Brook Road, Villages at Lake Silvercote is close to multiple dining and retail options, while Wentzville’s center city is within 2 miles. Downtown St. Louis is 42 miles away, while St. Louis Lambert International Airport is 29 miles east.
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The community encompasses 32 two- and three-story residential units. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 834 to 1,300 square feet. Apartments have private balconies or patios.
Common-area amenities include a swimming pool, a fitness center, a clubhouse and barbecue grill areas, as well as a playground. The property also has 670 parking spaces.
Northmarq Managing Director Dominic Martinez, Regional Managing Director Parker Stewart, Senior Vice President Alex Malzone and Senior Associate Charlie McKee brokered the deal on behalf of the seller.
St. Louis’ multifamily sales see year-over-year-drop
St. Louis’ multifamily transactions volume year-to-date as of June clocked in at $139.9 million from the nine assets totaling 971 units that changed hands, according to Yardi Matrix. This marked a considerable decline compared to the same period last year, when 21 properties—3,120 apartments—traded for $327.5 million.
Of the nine properties that traded through June in the metro, three changed hands that same month, when Storyboard Living acquired the assets for $22.1 million. The collection totaled 270 units.
