Acquisition Strengthens St. Louis Real Estate
Market
ST.
LOUIS, Dec. 5, 2023 /PRNewswire/ -- In a
significant move strengthening the thriving real estate landscape
of St. Louis, Passco Companies, a
privately held California-based
commercial real estate company that specializes in acquisition,
development, and property and asset management throughout the U.S.
has completed the acquisition of Cortona at Forest Park, a 278-unit
Class-A apartment community. Positioned in the heart of
St. Louis, this property boasts an
unparalleled location adjacent to the iconic Forest Park, downtown
Clayton, and the vibrant Central West
End. This acquisition marks a significant milestone for both
the local real estate market and the overall growth and development
of St. Louis, further reinforcing
its status as a dynamic city with abundant opportunities.
Cortona at Forest Park is a highly sought-after live/work/play
destination, offering residents an enjoyable lifestyle that
includes convenient access to the cultural and recreational
treasures of Forest Park and the Central
West End. This best-in-class development, known for its
top-tier amenities, and has demonstrated remarkable property
performance and development success, characterized by strong
occupancy rates and resident retention. The property is at 93%
occupancy.
Passco Companies navigated the acquisition successfully, adding
Cortona at Forest Park as a strategic addition to its diverse
portfolio. The seamless transition was facilitated by the seller,
Invesco Real Estate, a global real estate investment manager, and
brokered by Kevin Girard,
Mark Stern, and Zach Kaufman of JLL Capital Markets. JLL's
industry expertise and deep roots in the St. Louis market played a pivotal role in
ensuring the success of this transaction. Caleb Marten of KeyBank Real Estate Capital's
Commercial Mortgage Group arranged acquisition financing on behalf
of Passco Companies.
"Passco is thrilled to add another property in the Midwest to
our portfolio. We've done well in St.
Louis and look to continue that trend with Cortona at Forest
Park and its exceptional submarket fundamentals. The property's
location at the southern edge of the city's famed Forest Park,
bookended by Barnes-Jewish Hospital and Washington University in St. Louis, is unmatched in the city." Explains
Gary Goodman, Senior Vice President of Acquisitions for Passco
Companies. St. Louis is an
economic powerhouse with a $173+ billion economy driven by major
industries. These industries not only provide stability to the
region but also create an array of employment opportunities.
Within the local submarket lies the Cortex Innovation Community,
which is located within a 10-minute drive from Cortona at Forest
Park. Positioned at the heart of St.
Louis between the Central West
End and the Forest Park Southeast Neighborhoods, the Cortex
Innovation Community generates thousands of jobs and new tax
revenue for the city. This community is poised to become a leading
innovation district across the United
States, fostering technology-related startups, corporate
research and development teams, manufacturers, nonprofit
organizations, and a rich ecosystem of innovators.
Located at 5800 Highlands Plaza Drive in St. Louis, Missouri, Cortona at Forest Park is
a 278-unit mid-rise apartment building completed in 2014. The
property is comprised of one 5-story residential building situated
on approximately 4.79 acres, offering a diverse mix of studio, 1,
and 2-bedroom units. Residents of Cortona will experience
convenient and modern amenities, including a three-tiered courtyard
pool with cabanas; 24-hour fully equipped fitness center with
on-site fitness classes; and even an on-site dog park and
self-service pet spa.
About Passco Companies
Passco Companies, LLC is a
nationally recognized market leader in the acquisition,
development, and management of multifamily and commercial
properties throughout the U.S. Passco offers a full set of real
estate services including asset and property management, leasing,
as well as property development and construction. Headquartered in
Irvine, California, Passco
currently has $4 billion assets under management across the
country and is actively growing its portfolio in primary and
secondary markets throughout the United States. For more
information, visit www.passco.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a
leading global commercial real estate and investment management
company, has helped clients buy, build, occupy, manage and invest
in a variety of commercial, industrial, hotel, residential and
retail properties. A Fortune 500® company with annual revenue of
$20.9 billion and operations in over
80 countries around the world, our more than 105,000 employees
bring the power of a global platform combined with local expertise.
Driven by our purpose to shape the future of real estate for a
better world, we help our clients, people and communities SEE A
BRIGHTER WAYSM. JLL is the brand name, and a registered trademark,
of Jones Lang LaSalle Incorporated. For further information, visit
jll.com.
About Invesco Real Estate
Invesco Real Estate is a
global leader in the real estate investment management business
with $91.1 billion in real estate
assets under management, 586 employees and 21 regional offices
across the U.S., Europe and
Asia (as of March 31, 2023). Invesco Real Estate was
established in 1983 and today invests across the risk return
spectrum, from core to opportunistic; in equity and debt; listed
and direct; locally and globally. Invesco Real Estate is a business
name of Invesco Advisers, Inc., an indirect, wholly owned
subsidiary of Invesco Ltd. Invesco Ltd. is an independent
investment management firm dedicated to delivering an investment
experience that helps people get more out of life. NYSE: IVZ;
http://www.invesco.com/realestate
Media Contact:
Stacy Stemen
sstemen@passco.com
(949) 375-5213
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SOURCE PASSCO COMPANIES