Des Peres Apartment Sale Among Biggest Deals of the Year

By on October 17, 2017

From St. Louis Business Journal:  A business entity associated with Strategic Properties of North America, a real estate portfolio and asset management company from New Jersey, has acquired the 254-unit Alinea at Town & Country apartment complex in Des Peres from Earth City-based TriStar Properties.

Terms of the deal were not disclosed. It’s likely among the priciest multifamily sales of the year, with an estimated purchase price of between $55 million and $65 million.

In comparison, The Streets of St. Charles’ 309-unit Residences was sold in April for $59.5 million, making it the most expensive sale year to date.

TriStar developed the Alinea complex, which sits near the intersection of Manchester Road and Interstate 270, for $50 million and finished construction in early 2017. Propper Construction provided construction management services on the project. Holland Construction Services also worked on the development.

The property has an appraised value of $3.5 million, a figure that is drastically low as the most recent assessment took place before the development was complete.

The deal closed Sept. 19. CBRE Executive Vice President Matt Bukhshtaber represented TriStar in the deal.

The buyer, according to St. Louis County real estate records, is Strategic Town & Country LLC, a business entity that lists Saul Kuperwasser, Strategic Properties of North America’s CEO, as an organizer.

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