Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Trimont Divests St. Louis-Area Apartment Complex for $20M
Transwestern Real Estate Services’ Southeast Investment Sales team and Balke Brown Transwestern have brokered the sale of Longacre Ponds, a 249-unit apartment community at 21 Northbrook Cir. in Fairview Heights, IL, within the St. Louis metro area.
Transwestern senior managing directors Mike McGaughy and Jon Kleinberg and Balke Brown Transwestern COO Mike Donovan brokered the disposition on behalf of Trimont Real Estate Advisors. Catalyst Property Solutions acquired the asset for $19.5 million, or $78,313 per unit.
“Longacre Ponds presented a true value-add opportunity with the realizable potential to capture significant income growth through additional interior upgrades and various property enhancement projects,” said McGaughy.
Built in 2006, Longacre Ponds is 97% occupied and features 13 residential buildings with an average unit size of 1,021 square feet. The community is situated 15 miles east of downtown St. Louis, proximate to numerous employment, retail and entertainment drivers.
- ◦Sale/Acquisition


