CHESTERFIELD, Mo. — A newly renovated apartment complex is the direct result of steeper competition for tenants following construction of Chesterfield’s first new apartment complex in nearly three decades.
The Westmont at Chesterfield, a 489-unit apartment complex at 1570 Westmeade Drive, has been rebranded as “15Seventy at Chesterfield” to go along with extensive open-concept renovations of the clubhouse, common areas and outdoor areas that were finished over the last year. About half of the 1- and 2-bedroom apartments at the complex have been renovated since upgrades started in 2018.
The complex was built in 1987 by Fogelman Properties, a privately owned company based in Memphis that operates 88 complexes with more than 28,000 apartments across 10 states. The family itself owns 15Seventy as a legacy property.
Fogelman is intentionally strategic about renovation and rebranding, and for decades there had been no new apartment complexes or apartment renovations in the Chesterfield market, so there was no compelling reason to upgrade. But David Nischwitz, senior vice president for enhancements and redevelopment for Fogelman, said the company had to innovate after the 2018 construction and 2019 opening of The PARQ at Chesterfield, previously known as Watermark at Chesterfield Village, a 345-unit complex with a more modern and mixed-use urban look. The PARQ was the first multifamily development built in Chesterfield in nearly three decades, and it is just down the street from 15Seventy at 16300 Lydia Hill Drive.
Built for $75 million, The PARQ sold in June for $98 million to a California company. Fogelman, which also manages some complexes that it doesn’t own, took over the management of the newer complex after that sale.
But the newer amenities at 15Seventy rival and in some cases exceed the brand-new finishes at The PARQ, Nischwitz said. The change was so stark that the complex needed a new name too.
“The ‘15Seventy’ we felt gave it more of a fresh start and reset, almost reset its life, de-aged it, reset the life cycle of the property,” Nischwitz said of the rebranding, which has been popular with prospective tenants. “It’s worked very, very well here — this property’s done tremendously well, and it’s right now as good as it’s ever been.”
Click here for the full story.
