Passco Companies, a private real estate firm and sponsor of Delaware statutory trust offerings, has purchased Watermark at Chesterfield Village, a 345-unit Class A multifamily property located in the St. Louis suburb of Chesterfield, Missouri, from developer Watermark Residential. Passco reportedly paid $98 million for the property, which it plans to rebrand as The PARQ at Chesterfield.
Completed in 2019, The PARQ at Chesterfield is located at 16300 Lydia Hill Drive and was the first new multifamily development in Chesterfield in nearly 30 years. Berkadia St. Louis completed the sale on behalf of Watermark Residential.
“This sale will most likely be the largest single-asset multifamily transaction in St. Louis in 2021,” said Andrea Kendrick, senior director for Berkadia St. Louis. “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.”
The property is comprised of one-, two- and three-bedroom units with nine-foot ceilings, washer and dryers, granite countertops, stainless steel kitchen appliances, and patios or balconies. Community amenities include underground parking, elevators, a swimming pool with outdoor grills, fire pit, clubhouse, game room, and a 24-hour fitness center.
Passco Companies specializes in the acquisition, development, and management of multifamily and commercial properties throughout the U.S and had $3.4 billion in assets under management as of December 31, 2020.