Northmarq Brokers Sale of $54M St. Louis Multifamily Property
Northmarq’s Midwest Investment Sales team, including Regional Managing Director Parker Stewart and Managing Director Dominic Martinez, brokered the $54.1 million sale of a 214-unit multifamily property in Maryland Heights, Missouri.
Northmarq represented Pier Property Group, a St. Louis-based developer, in the sale. The buyer was a large capital group from the East Coast. David Garfinkel, managing director of Debt + Equity at Northmarq, arranged the financing for the acquisition. The transaction was structured on a five-year term.
Built in 2021, The Flats at Dorsett Ridge is conveniently located northwest of St. Louis near I-270, with immediate access to downtown and major employers. Community amenities include a fitness center, a modern clubhouse with a game room and golf simulator, and a coffee bar.
“Flats at Dorsett is a great example of the ‘flight to quality’ focus we are experiencing in today’s marketplace,” said Martinez. “We were able to generate over a dozen offers from both institutional and private capital throughout the country, which led to a highly competitive bidding process.”
Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!
