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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