CHESTERFIELD — A Chesterfield apartment complex has sold for $98 million, the largest-ever sale of a multifamily development in the St. Louis region.
California-based Passco Cos. bought the Watermark at Chesterfield Village, a 345-unit complex that opened in 2019. The seller was Watermark Residential, an affiliate of Indiana-based Thompson Thrift that also developed the property.
Passco will rebrand the property, located at 16346 Lydia Hill Drive, southwest of the Chesterfield Mall, as The PARQ at Chesterfield. The development has one-, two- and three-bedroom apartments, and features a fitness center, swimming pool with cabanas, a clubhouse and a business center, among other amenities, according to a release.
KeyBank Real Estate Capital helped Passco receive $54 million of financing from Fannie Mae.
Commercial real estate firm Berkadia St. Louis’ senior director Andrea Kendrick, managing director Ken Aston and director Bobby Mills represented Watermark in the deal.