CHESTERFIELD, MO – Passco Companies, a privately held California-based commercial real estate company specializing in acquisitions, development, and real estate and asset management in the United States, has acquired a luxury Class A trophy apartment in Chesterfield, Missouri from Watermark , acquired. Housing for $ 98 million. The company will rename the 345-unit parish previously called Watermark at Chesterfield Village to The PARQ at Chesterfield.
According to Keanan Gomez, Director of Acquisitions at Passco, the purchase aligns well with the company's strategy to acquire prime residential communities in suburban markets across the country that are experiencing strong demographic trends.
"The PARQ in Chesterfield is the first new multi-family property built in the submarket in more than 30 years, and the property's success during rental shows the backlog of luxury units in the market," explains Gomez, noting that the community reached a stabilized occupancy in less than 14 months and performed well during the pandemic. "We quickly recognized the opportunity to acquire an excellent asset in a market that is seeing significant growth in the workforce, including more than 7,000 jobs within a five-mile radius of the property."
Gomez also points out Chesterfield's high quality of life, including an overall A + rating from Niche that piques the interest of potential residents. The location provides access to exceptional school districts, world-class parks, state-rated hospitals, and world-class employers such as Pfizer, RGA, Centene, Bunge, and Bayer.
“In addition to its strong fundamentals, Chesterfield is well positioned for further growth,” affirmed Gomez. “The city is seeing a trend towards large commercial developments including Wildhorse Village, a mixed-use project that will include approximately 1 million square feet of offices and 100,000 square feet of retail space and is located within one mile of The PARQ. With the flight to the suburbs sped up over the past year, we expect strong Midwestern cities like Chesterfield to do very well and continue to attract residents looking for extra space and a lower cost of living. "
Gomez also explains that the exceptional quality of The PARQ in Chesterfield adds to its appeal: “Watermark Residential has created a phenomenal property that doesn't miss a beat and meets and exceeds today's design and equipment expectations for luxury Class A communities. "
Community facilities at the complex include a resort-style swimming pool, a state-of-the-art 24-hour fitness center, Starbucks coffee bar, private outdoor courtyards, outdoor fire pit, custom BBQ stations, focus rooms, corporate suites, 24-hour package pick-up and monthly Resident Activities. The pet-friendly community also offers an on-site dog wash facility.
The PARQ at Chesterfield offers a range of one, two, and three bedroom units that have 2.70 or 3 foot ceilings, full size washers and dryers, garden tubs, a modern gourmet bar kitchen, and granite countertops have a private terrace or balcony and a walk-in closet, in selected residential units with flooring in wood look.
"We secured this rare opportunity through an excellent collaboration with Watermark Residential and Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia," says Gomez. "In addition, we were able to act quickly and strategically, go through a 21-day due diligence process and a smooth and fast transaction for all parties."
PARQ in Chesterfield is located at 16300 Lydia Hill Drive in Chesterfield, Missouri. Caleb Marten of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition finance on behalf of Passco Companies.