Berkadia Negotiates Multifamily Property Sale in St. Louis, Missouri
ST. LOUIS, MO – March 26, 2024 – Berkadia announced today the sale of Crossing at Northpointe, a 334-unit, garden-style multifamily property in St. Louis, Missouri. Managing Directors Andrea Kendrick and Ken Aston, and Senior Director Bobby Mills of Berkadia St. Louis led the transaction on behalf of the seller, Utah-based Sundance Bay.
Crossing at Northpointe sold to a New Jersey-based buyer on March 16. The property was 94 percent occupied at the time of the sale.
“Sundance Bay invested more than $9 million improving the property during their ownership which offered the buyer a proven value-add opportunity and additional upside with continued unit renovations,” said Kendrick. The Crossing at Northpointe sale marked the buyer’s entry into the St. Louis multifamily market. The Midwest, particularly St. Louis, attracts new investors to the market because of its diverse economic drivers, excellent schools, low cost of living, stability in occupancy, rent growth, and investor returns.
Located at 3144 Sunswept Park Drive, the property affords convenient access to nearby Interstates 270 and 170 in addition to the Lindbergh Boulevard retail corridor. Crossing at Northpointe was built in 1972, renovated in 2021, and features 334-units within walking distance to major retail and grocery in the North County submarket including Starbucks, Target, Home Depot, Chic-Fil-A, and Walgreens among others.
Berkadia Negotiates 334-Unit MF Sale in St. Louis | Connect CRE