Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13

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CAPREIT Grows St. Louis-Area Holdings

CAPREIT has acquired Peine Lakes (pictured) and O’Fallon Lakes, two affordable apartment communities, increasing its holdings in suburban St. Louis. The two properties traded for an unspecified price.

The Rockville, MD-based REIT previously had taken over the management responsibilities of the tax-credit communities and assumed ownership in October. Peine Lakes, in Wentzville, MO, features 256 apartment homes and O’Fallon Lakes, in nearby O’Fallon, MO, includes 266.

Both communities are situated in fast-growing St. Charles County. “The northwest side of the St. Louis metropolitan area is becoming increasingly popular, and the demand for quality affordable housing is following suit,” said CAPREIT’s Stephen Catarinella.

CAPREIT noted that the primary employment sectors in St. Charles County are manufacturing, education, health services, leisure and hospitality. Wentzville, in particular, is home to a General Motors assembly plant. The county’s current unemployment rate is 3%, below the national average.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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