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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. 


Inside The Story

Passco’s Gomez

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).