ST. LOUIS, MO. – Transwestern Real Estate Services (TRS) announces its Southeast Investment Sales team and Balke Brown Transwestern have brokered the sale of Longacre Ponds, a 249-unit apartment community at 21 Northbrook Circle in Fairview Heights, Illinois. Transwestern Senior Managing Directors Mike McGaughy and Jon Kleinberg and Balke Brown Transwestern COO Mike Donovan brokered the disposition on behalf of Trimont Real Estate Advisors. Catalyst Property Solutions acquired the asset for $19.5 million, or $78,313 per unit.
“Longacre Ponds presented a true value-add opportunity with the realizable potential to capture significant income growth through additional interior upgrades and various property enhancement projects,” said McGaughy.
Built in 2006, Longacre Ponds is 97% occupied and features 13 residential buildings with an average unit size of 1,021 square feet. The community is situated 15 miles east of downtown St. Louis, proximate to numerous employment, retail and entertainment drivers. Top employers include Boeing, EY, Barnes Jewish Hospital, the U.S. Air Force and the United States Postal Service.
“The Metro East submarket has experienced strong long-term occupancy of 95.9% with 4.3% recent growth over the past 12 months,” said Kleinberg. “Fundamentals like these continue driving investment in multifamily opportunities.”
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
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