Northmarq’s Midwest Investment Sales team announces sale of 400-unit multifamily complex outside of St. Louis

ST. LOUIS (Oct. 16, 2023) — Northmarq’s Midwest Multifamily Investment Sales team of Dominic Martinez, managing director, Parker Stewart, regional managing director, and Alex Malzone, vice president, have completed the sale of Enclave at Winghaven, a 400-unit multifamily property. Built in 2001, the apartment community is located at 1000 Applerock Dr. in O’Fallon, Missouri. 

Northmarq represented the seller, an affiliate of Banner Real Estate Group, who owned the property for more than 17 years. “Despite the current market conditions, the disposition of Enclave at Winghaven demonstrated the success of our value-add plan and the strength of the fundamentals in this submarket. We are pleased to have provided such strong returns to our investors,” said Scott Levine, chief investment officer – acquisitions of Banner Real Estate Group. The buyer was a private capital group out of New York.

“Even with the recent market volatility caused by rising interest rates, we received competitive offers from investors across the country. Many offers were from buyers looking to acquire in the Midwest for the first time, demonstrating the high demand for quality multifamily real estate across the region,” said Martinez.

“O’Fallon has had phenomenal growth over prior ownership’s hold period of nearly two decades and remains one of the most dynamic submarkets across the state,” Stewart said. “The asset was very well positioned with significant upside which allowed us to navigate through a turbulent capital markets environment and successfully close one of the largest transactions in St. Louis this year.”

Enclave at Winghaven is a charming apartment community, offering spacious floor plans, and an ideal location. Residents enjoy close proximity to major employers such as Mastercard, BJC, Citi Mortgage and more. The O’Fallon school system received an ‘A’ rating from Niche and is a factor in why O’Fallon is one of the fastest-growing communities in St. Louis. Enclave at Winghaven makes commuting simple with ready access to I-64, the region’s second busiest highway. The pet-friendly community offers one-, two- and three-bedroom apartment homes with an average unit size of 952 sq. ft. Each unit also has a spacious private patio and balcony. 

Apartment amenities include: Stainless steel appliances, 9-foot ceilings throughout, wood grain vinyl flooring and plush carpeting, luxe crown molding, large closets with built-in shoe racks, ceiling fans, private patio/balcony, ceramic tile entryway, washer/dryer hook-ups and built-in wine rack. Community amenities include: Large resort-style pool with sundeck, resident clubhouse and coffee bar, updated fitness center, gated entrance, co-working space and business center, outdoor fireside seating area, billiards and recreation room, a media theater room, on-site playground, sand volleyball court and lit tennis court.

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