Canadian Firm Buys The Orion and Whole Foods Building in CWE for $80M

By on May 18, 2018

From St. Louis Post-Dispatch:  Brass Enterprises, a real estate investment company out of Toronto, has bought Central West End building that houses The Orion Apartments and tenant Whole Foods from developer Mills Properties.

Brass paid $80 million for the development, making it the largest multifamily deal in St. Louis history on a per unit basis – a mark previously set last year when Earth City-based TriStar Properties sold the 254-unit Alinea Town and Country in Des Peres to Strategic Properties of North America in September 2017 for $58.4 million, or $229,921 per unit.

Mills Properties developed the apartment building, at 4567 West Pine Blvd., for $70 million in 2016. The property, according to city of St. Louis records, has an appraised value of more than $50 million.

Managing Director Ken Aston and Senior Director Andrea Kendrick of Berkadia’s St. Louis office brokered the deal on behalf of Mills.

It’s the second high-profile apartment sale this quarter. KBS Legacy Partners Apartment REIT in April sold the Lofts at the Highlands for $44.4 million to Elite Street Capital Equity, a real estate investment firm out of Houston.

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