Watermark Residential Acquires Land to Develop 316-Unit Multifamily Group in The Prosperous St. Louis Suburb of O’Fallon

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Watermark Residential Acquires Land to Develop 316-Unit Multifamily Community in The Affluent St. Louis Suburb of O'Fallon

ST LOUIS, MO – Watermark Residential, a wholly owned subsidiary of Thompson Thrift and one of the country's leading multi-family developers announced the acquisition of approximately 19 acres of land in the wealthy St. Louis Suburb of O'Fallon, where the company plans to develop its fourth Missouri community – Avenue64 by Watermark. The expected completion date is August 2022.

Avenue64 by Watermark is located at 1147 Technology Drive and is conveniently located between I-64 and Highway K, approximately 30 minutes west of downtown St. Louis. The new Class A shared apartment is less than a mile from CitiMortgage and Progress West Hospital, two of the subway's largest employers, and just a five-minute drive from MasterCard Global Operations headquarters. Several local and national restaurants and shopping are also just a short drive away.

"High barriers to entry, one of Watermark's main criteria for new locations, have seen limited development in recent years, resulting in a strong multi-family market in the region," he said Jesse Houghtalen, Vice President, Development at Watermark, Southeast. "We are extremely pleased that we worked successfully with the city during the development process to advance this new project that will help meet the need for quality housing."

Avenue64 by Watermark is comprised of three four-story buildings and will include 316 one, two, and three bedroom apartments, averaging just over 1,000 square feet. Watermark is committed to creating a superior living experience and Watermark's Avenue64 will be no different. Each unit has premium interiors, including 9-foot ceilings with designer lighting, smooth glass stoves and stainless steel appliances, gourmet bar kitchens with quartz countertops, walk-in closets, garden tubs, and full-size washers and dryers. Avenue64 by Watermark amenities include a professionally decorated clubhouse, a 24-hour fitness center with state-of-the-art equipment, a resort-style swimming pool with cabanas and entertainment areas, and a pet-friendly bark park doggy spa. In addition, the residents have access to a property management team on site, which is dedicated to the highest level of service.

Larger with about 3 million inhabitants St. Louis is the 21st. largest metro by population in The United StatesThe town of O & # 39; Fallon is one of the most desirable suburbs in the region. With a relatively high income and affordable cost of living, O & # 39; Fallon is considered to be one of the best cities in the Midwest. The proposed shared apartment will be attractive to families because of its location in the Francis Howell School District, which is the best school district in St. Charles County and the 11th. Overall best school district in the state MissouriAccording to Niche.com.

Despite the region's high rate of growth, the demand for high quality multi-family options continues to exceed supply available, particularly in O'Fallon, where only 456 units have shipped over the past five years. Overall, MSA in St. Louis has received minimal new offerings in the past five years, with fewer than 1,800 multi-family deals per year.

The development will be the company's fourth multi-family community in Missouri. They own the item from Watermark and Watermark at Tiffany Springs in Kansas City and started at Watermark at the beginning of 2019 Chesterfield Village, a class A multi-family community with 345 residential units in the St. Louis Suburb of Chesterfield.

Josh Purvis, Managing Director of Watermark added, "Our recent Chesterfield apartment building has been well received and we look forward to our second development in the St. Louis area. The fact that we are securing such an advantageous location during this time The current environment is thanks to the entire Watermark team and we look forward to bringing another high quality Watermark experience to the St. Louis area. "

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