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Streets of St. Charles apartment have a new owner

ST. CHARLES, MO/May 9, 2017 (STLRealEstate.News) The 309-unit apartment complex at the Streets of St. Charles mixed-use development has been officially sold to a new owner this week, a Chicago real estate investment firm.  Trilogy Real Estate Group, a highly active Chicago-based agency that works to locate and snatch up promising real estate deals in nearby cities, called the Residences at The Streets of St. Charles, from Cullinan Properties.  Terms of the deal were not disclosed with the St. Louis Business Journal at this time.

The property, according to St. Charles County records, has a market value of $32.7 million, though it’s believed the price is well above that figure for the deal that went on this week.  Officials with Cullinan also elected to not disclose the purchase price at this time.  Though coverage on the closing began this week, the deal was closed on April 12 and paperwork for the transaction was not yet filed with St. Charles County.  Sean Fogarty, Mary O’Connell, and Wickliffe Kirby of Holliday Fenoglio Fowler represented Peoria, Illinois-based Cullinan and produced the buyer in the deal.

This is officially the first sale for the property, which Cullinan developed for $150 million in 2014.  The 27-acre complex also includes 500,000 square feet of retail space as well as medical and office units.  Since the opening, the development has manage to attract both the Drury Plaza and Tru by Hilton hotels, we well as a plethora of new restaurants and shops.  Trilogy, another player in the deal, has the 194-unit Reflection Cove apartments in Manchester to their name in addition to this new deal.

Multifamily development units appear to be on the rise in St. Louis County today.  More developers are eyeing the prospect of their build out as a lucrative cash-in when the project is completed.  Stay tuned for deal disclosure updates.