FAIRVIEW HEIGHTS, Ill. — A Texas multifamily management company has acquired a 249-unit apartment complex in the Metro East for $19.5 million.
Conroe, Texas-based Catalyst Property Solutions purchased the Longacre Ponds apartment complex in Fairview Heights Nov. 22 at a price of $78,313 per unit from Atlanta-based Trimont Real Estate Advisors, which was selling the property on behalf of an undisclosed owner, according to a news release from the broker, Transwestern Real Estate Services. Fannie Mae foreclosed on the business entity that owned the property in 2017. The LLC that was terminated that same year was registered to the same address of Milwaukee-based Burke Properties, which still lists Longacre Ponds in the portfolio on its website.
Built in 2006 at 21 Northbrook Circle, 15 miles east of downtown St. Louis, Longacre Ponds has 13 residential buildings that are 97% occupied, with an average unit size of 1,021 square feet, according to the news release.
Transwestern Real Estate Services’ Southeast Investment Sales team, through senior managing directors Mike McGaughy and Jon Kleinberg, and Balke Brown Transwestern Chief Operating Officer Mike Donovan brokered the sale on behalf of Trimont, the company said.
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