ST. LOUIS — A multifamily developer new to St. Louis has purchased one of the region’s largest apartment complexes for more than $73 million.
Tampa, Florida-based Blue Magma Residential on Oct. 27 bought the CityView apartments, at 110 N. 17th St. in Downtown West, for $73.5 million, according to city records. The complex has more than 700 apartments.
Ahead of the deal, the seller, Mills Properties, funded $28 million in renovations to the 769-unit complex, which has been rebranded as Gateway at CityPark, according to a news release from Kansas City-based commercial real estate advisory firm Mid-Markets Group, which brokered the deal for the seller.
“We are very excited to welcome Blue Magma Residential to St. Louis and look forward to watching their continued transformation of Gateway at City Park,” said MMG Senior Director Daniel Wiele, who helped represent Mills Properties in the transaction, in a statement.
Gateway at CityPark takes its name from CityPark, the Major League Soccer stadium that will host its first matches for new MLS team St. Louis City SC in the spring.
Among the additions to Gateway at CityPark in recent years have been a CityHive coworking space, covered parking garage, media lounge and game room, rooftop terrace, two fitness centers, music studio, car wash and electric charging stations, MMG said.
As part of the recent $28 million in upgrades, Mills added a new parking structure, plumbing infrastructure, roofs and elevators, the real estate advisory firm said.
Mills Properties, which at one point controlled more than 10,000 apartment units in St. Louis and Columbia, Missouri, acquired the property in 2010 for $7.5 million from New York-based Natixis Real Estate Capital Inc. and renovated it in 2013.
The apartments, once known as Plaza Square, were first built in 1960.
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