LOUIS – June 11, 2021 – Berkadia today announced the around $100 million sale of The PARQ at Chesterfield Village, a 345-unit midrise multifamily property in St. Louis. Senior Director Andrea Kendrick, Managing Director Ken Aston and Director Bobby Mills of Berkadia St. Louis completed the sale on behalf of the seller, Indiana-based Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers. The buyer was California-based Passco Companies, LLC.
“The sale of The PARQ at Chesterfield set a new precedent for multifamily values in the suburbs of St. Louis,” said Kendrick. “It was an honor representing one of the most prominent multifamily developers in the U.S. – Watermark Residential. This sale also marked Passco’s entry into St. Louis, specifically Chesterfield, which is poised for long-term robust growth with more than $5 billion currently in development in the immediate area of The PARQ at Chesterfield. This sale will most likely be the largest single-asset multifamily transaction in St. Louis in 2021.”
“Watermark Chesterfield, since renamed The PARQ at Chesterfield, was the first multifamily community built in the affluent community of Chesterfield in 30 years,” said Aston.
Located at 16346 Lydia Hill Drive and built in 2019, The PARQ at Chesterfield features one-, two- and three-bedroom floor plans with oversized balconies. Community amenities include a fitness center, a courtyard, an outdoor grilling area with firepits, a swimming pool with cabanas, a clubhouse and a business center. Residents are afforded convenient access to the shops and restaurants along Clarkson Road and Interstate 64.
Passco Buys Multlifamily Property Near St. Louis from Watermark Residential | The DI Wire
Chesterfield Apartments Sell for $98M in Region’s Largest-Ever Multifamily Deal | Construction Forum