Northmarq arranges $70 million sale and financing of Bold on Blvd in St. Peters, Missouri

ST. LOUIS, MISSOURI (January 4, 2023) – Parker Stewart, managing director, Dominic Martinez, vice president, and Alex Malzone, associate vice president of Northmarq’s St. Louis investment sales team arranged the $70 million sale of Bold on Blvd. The 272-unit class A multifamily property (built in 2022) is located at 1100 St. Peters Centre Blvd. in St. Peters, Missouri. Construction of this luxury building was completed during the spring of 2022 and the property was approximately 80 percent occupied when it was sold at the end of December.

Northmarq represented the seller, TWG Development, in the transaction; the buyer was a private New Jersey-based firm. Northmarq’s debt/equity team, led by David Garfinkel, managing director, arranged financing for the buyer.

“Given its rapid growth and exceptional fundamentals, St. Charles County has become one of the most desirable pockets to invest in across the St. Louis metro area. Despite having to navigate through a challenging financing environment, especially for pre-stabilized assets, our out-of-state buyer was extremely bullish on the leasing momentum and organic growth potential this asset offers for years ahead.” said Stewart.

“This transaction closed at a substantially higher price-per-door than any other sale in St. Charles County, which is a testament to the lease-up activity and strong demand for high-quality product in the submarket. We are excited to work with this buyer as this is their first acquisition, not only in St. Louis, but in the entire Midwest,” said Martinez. 

“We were thrilled to facilitate the acquisition financing for this Class A new construction asset by working closely with the buyer and the investment sales team,” said Garfinkel. “Even with the current interest rate volatility, our relationships within the industry led us to a local lender who was able to provide favorable terms to the buyer.”

Completed Spring 2022, this luxury building is in the heart of St. Peters, which has been ranked as the #1 Best Place to Live in Missouri by Money Magazine. Located 30 miles northwest of downtown St. Louis, the property enjoys a plethora of urban amenities within a short drive or walk, as well numerous outdoor recreational opportunities. Additionally, the St. Charles County submarket remains one of the fastest growing and most sought-after areas of St. Louis Metro area for renters and investors alike.

The trophy-quality asset includes an attractive mix of studios, 1- and 2-bedroom floor plans featuring large open-concept spaces, kitchens with islands, stainless steel appliances, private balconies, and an extensive amenities package. Residents of the affluent area enjoy highly rated schools and a high quality of life, as evidenced in the wide range of shopping, dining options and outdoor activities available. Bold on Blvd also benefits from close proximity to employment hubs, including Amazon, FedEx, and Boeing.