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Passco Acquires Luxury Apartments in St. Louis Metro
Passco Companies has acquired a luxury Class A, trophy multifamily asset in Chesterfield, MO, from Watermark Residential for $98 million. The firm will rebrand the 345-unit apartment community in the suburbs of St. Louis, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield.
According to Keanan Gomez, director of acquisitions at Passco, the purchase is well aligned with the firm’s strategy to acquire best-in-class apartment communities in suburban markets throughout the country that have demonstrated strong demographic trends.
“The PARQ at Chesterfield is the first new multifamily community built in the submarket in more than 30 years, and the property’s success during lease-up demonstrates the pent-up demand for luxury rental units in the market,” said Gomez. He added that the community reached stabilized occupancy in less than 14 months and performed well during the pandemic.
- ◦Sale/Acquisition
