Chicago & Midwest + Midwest + Apartments | January 6, 2023

Northmarq's St. Louis investment sales team arranged the $70-million sale of Bold on Blvd, a newly completed multifamily property in St. Peters, MO

Northmarq Brokers Deal for St. Louis Luxury Apartments

Northmarq managing director Parker Stewart, VP Dominic Martinez and associate VP Alex Malzone arranged the $70-million sale of Bold on Blvd in suburban St. Louis. The 272-unit class A multifamily property, located at 1100 St. Peters Centre Blvd. in St. Peters, MO, was completed this past spring. It was approximately 80% occupied at the time of sale.

A St. Louis-based Northmarq investment sales team represented the seller, TWG Development. The buyer was a private New Jersey-based firm. Northmarq’s debt/equity team, led by David Garfinkel, managing director, arranged financing.

“Given its rapid growth and exceptional fundamentals, St. Charles County has become one of the most desirable pockets to invest in across the St. Louis metro area,” said Stewart. “Despite having to navigate through a challenging financing environment, especially for pre-stabilized assets, our out-of-state buyer was extremely bullish on the leasing momentum and organic growth potential this asset offers for years ahead.”

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Inside The Story

Northmarq's Stewart

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 GlobeSt.com 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).