ST CHARLES, Mo. — An apartment complex in St. Charles has sold to a New York firm for more than $100 million in the latest example of how buying and selling in the multifamily market in St. Louis has hit new heights.
New York-based real estate investment company Beitel Group bought Sun Valley Lake Apartments for $101.5 million in a sale recorded in July by the St. Charles County assessor’s office. The seller was Montgomery, Alabama-based B&M Management, according to records filed with the Missouri secretary of state.
The 47-acre complex at 1300 Sun Lake Drive in St. Charles is one of the largest apartment communities in the St. Louis region with 680 total units built around a 7.5-acre recreational lake with two islands, pools and a fitness center. The apartments were built in 1986.
Sources close to the deal said the Berkadia team of Senior Director Andrea Kendrick, Managing Director of Investment Sales Ken Aston and Director Bobby Mills brokered the sale. Requests for comment to Berkadia were not returned.
The St. Charles property previously sold in 2018 for $64.15 million and in 2016 for $51.25 million. The apartments also sold in 2004 for $49 million, when the buildings were owned by the Los Angeles Board of Pension Commissioners.
The Sun Valley Lake sale is one of the largest multifamily deals in St. Louis to date for 2021, topping The PARQ at Chesterfield’s $98 million sale, which was also brokered by the Berkadia team. In addition, the latest sale continues the trend of out-of-town buyers seeking out St. Louis for multifamily investments.
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