A 157-unit apartment complex in St. Charles has been sold.
Denver-based investment firm Gold Block Ventures, in a partnership with St. Louis-based Reiter & Associatesand Ohio-based Chase Properties, acquired the New Town Apartments in an off-market deal. Terms, including the seller and the sale price, were not disclosed.
Adam Goldberg, a former NFL offensive tackle who played for the St. Louis Rams from 2006 to 2011, is president of Gold Block Ventures.
New Town Apartments, 3301 Domain St. #1, are located at New Town at St. Charles, a master-planned community in St. Charles County. The multifamily property currently includes 157 units, with an additional 68 apartments planned. The first multifamily units were constructed at New Town in 2005.
Goldberg said some of the new apartment buildings, which are being delivered by the seller, are currently under construction and that he expects the first units to be delivered later this year and the rest to be completed throughout 2019.
“We wanted to expand the investment and get to an efficient operating number. In the apartment business, certain unit count numbers are more efficient to operate than others,” Goldberg said.
Goldberg said his firm, which targets well-built multifamily assets in stable markets, has long thought highly of the “underlying economic fundamentals of what’s going on” in St. Charles County. In an effort to invest in St. Charles County specifically, Goldberg said his firm had previously pursued other opportunities, both acquisitions and developments, in the area.
“It was a good opportunity because it was in St. Charles County and also in New Town. So, it was a good (site) in a good area,” Goldberg said of the acquisition of New Town Apartments.
The apartments mark the first major multifamily acquisition for Chase Properties as it diversifies into the apartment sector, co-CEO Yoel Mayerfieldsaid. Chase owns shopping centers in Farmington, Springfield, and Sikeston, Missouri.
St. Louis-based 2B Residential has been tapped to manage and lease New Town Apartments, which range from studios to three-bedroom units. Rents for the apartments range from $795 to $2,200.
The St. Charles County submarket has an average apartment rent of $956, according to a second quarter report from Cushman & Wakefield.