SWANSEA, Ill. — A Tennessee-based multifamily developer has nearly fully leased a newly built apartment complex that is it's first in the St. Louis region, and the company now is working on another in Metro East.
Vita Residential, based in Franklin, Tennessee, partnered with Holland Construction Services on the construction of a new, $41.2 million apartment complex in O’Fallon, Missouri. That venture was so successful that the company is now eyeing a second development in Swansea, Illinois, where Holland is based.
The Jewel Apartments, which front Interstate 70 at 9200 Veterans Memorial Parkway in O’Fallon, has more than 248,000 square feet across 10 apartment buildings and a total of 240 units, with one to three bedrooms and eight different floor plans. Amenities include a clubhouse building and saltwater pool, family room, fitness area and dog park. The 16-acre complex also includes seven garage buildings with parking options.
Steve Sisson, the president and CEO of Vita Residential, said his company has developed several similar properties in Kentucky, Tennessee and Arkansas, but moved into the St. Louis area based on a tip from an employee who is a St. Louis native. Both O’Fallon and Swansea fit Vita’s market for new complexes, based on suburban locations with growth and access to city centers.
Holland finished the O’Fallon project in the fall ahead of schedule and on budget, and the property has been almost fully leased over the last five months, which is a record for the company, Sisson said. It is 95% leased.
Building on the success of that first St. Louis project, Vita is now finalizing development plans with Holland on a similar 240-unit apartment complex called The Jewel at Whispering Oaks. It will break ground in May on 22.3 acres in Swansea, at the corner of Frank Scott Parkway and Llewelyn Road.
Like the Jewel line of apartment buildings, the address for the complex will be Jewel Sisson Drive, named after Sisson’s mother. Development costs have not yet been finalized.
Read the full story on the St. Louis Business Journal website.
