ST. PETERS, Mo. — A St. Charles County luxury apartment complex completed early last year sold at the end of December for $70 million.
Bold on Blvd, a 272-unit apartment complex at 1100 St. Peters Centre Blvd. in St. Peters, was purchased by an undisclosed New Jersey-based private firm making its first investment in the Midwest, according to a news release from Northmarq, the broker on the transaction.
The apartments, also developed by TWG, finished construction and opened in spring 2022. The units were roughly 80% occupied when the property sold, Northmarq said. Units are a mix of studios to one- or two-bedroom floor plans that have open concept spaces, kitchens with islands and stainless steel appliances, private balconies and extensive amenities, according to the release.
Development costs for the project were not disclosed.
Northmarq represented TWG in the deal, which was arranged by Parker Stewart, Northmarq managing director; Dominic Martinez, vice president; and Alex Malzone, associate vice president of Northmarq’s St. Louis investment sales team, according to the release. Northmarq’s debt/equity team, led by managing director David Garfinkel, arranged the buyer’s financing.
"This transaction closed at a substantially higher price-per-door than any other sale in St. Charles County, which is a testament to the lease-up activity and strong demand for high-quality product in the submarket,” Martinez said.
Bold on Blvd is the latest luxury apartment complex in St. Charles County to be built and sold, following Grand Central at the Junction in Wentzville in early 2021.
At least 17 apartment complexes were under construction or proposed in St. Charles County as of the third quarter of 2022, according to the latest research from commercial real estate firm Berkadia.
Click here to read the full story from the St. Louis Business Journal.
To watch 5 On Your Side broadcasts or reports 24/7, 5 On Your Side is always streaming on 5+. Download for free on Roku or Amazon Fire TV.
