Acquisition Strengthens St. Louis Real Estate Market
ST. LOUIS, Dec. 5, 2023 /PRNewswire/ — In a significant move strengthening the thriving real estate landscape of St. Louis, Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S. has completed the acquisition of Cortona at Forest Park, a 278-unit Class-A apartment community. Positioned in the heart of St. Louis, this property boasts an unparalleled location adjacent to the iconic Forest Park, downtown Clayton, and the vibrant Central West End. This acquisition marks a significant milestone for both the local real estate market and the overall growth and development of St. Louis, further reinforcing its status as a dynamic city with abundant opportunities.
Cortona at Forest Park is a highly sought-after live/work/play destination, offering residents an enjoyable lifestyle that includes convenient access to the cultural and recreational treasures of Forest Park and the Central West End. This best-in-class development, known for its top-tier amenities, and has demonstrated remarkable property performance and development success, characterized by strong occupancy rates and resident retention. The property is at 93% occupancy.
Passco Companies navigated the acquisition successfully, adding Cortona at Forest Park as a strategic addition to its diverse portfolio. The seamless transition was facilitated by the seller, Invesco Real Estate, a global real estate investment manager, and brokered by Kevin Girard, Mark Stern, and Zach Kaufman of JLL Capital Markets. JLL’s industry expertise and deep roots in the St. Louis market played a pivotal role in ensuring the success of this transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.
“Passco is thrilled to add another property in the Midwest to our portfolio. We’ve done well in St. Louis and look to continue that trend with Cortona at Forest Park and its exceptional submarket fundamentals. The property’s location at the southern edge of the city’s famed Forest Park, bookended by Barnes-Jewish Hospital and Washington University in St. Louis, is unmatched in the city.” Explains Gary Goodman, Senior Vice President of Acquisitions for Passco Companies. St. Louis is an economic powerhouse with a $173+ billion economy driven by major industries. These industries not only provide stability to the region but also create an array of employment opportunities.
Within the local submarket lies the Cortex Innovation Community, which is located within a 10-minute drive from Cortona at Forest Park. Positioned at the heart of St. Louis between the Central West End and the Forest Park Southeast Neighborhoods, the Cortex Innovation Community generates thousands of jobs and new tax revenue for the city. This community is poised to become a leading innovation district across the United States, fostering technology-related startups, corporate research and development teams, manufacturers, nonprofit organizations, and a rich ecosystem of innovators.
Located at 5800 Highlands Plaza Drive in St. Louis, Missouri, Cortona at Forest Park is a 278-unit mid-rise apartment building completed in 2014. The property is comprised of one 5-story residential building situated on approximately 4.79 acres, offering a diverse mix of studio, 1, and 2-bedroom units. Residents of Cortona will experience convenient and modern amenities, including a three-tiered courtyard pool with cabanas; 24-hour fully equipped fitness center with on-site fitness classes; and even an on-site dog park and self-service pet spa.
About Passco Companies
Passco Companies, LLC is a nationally recognized market leader in the acquisition, development, and management of multifamily and commercial properties throughout the U.S. Passco offers a full set of real estate services including asset and property management, leasing, as well as property development and construction. Headquartered in Irvine, California, Passco currently has $4 billion assets under management across the country and is actively growing its portfolio in primary and secondary markets throughout the United States. For more information, visit www.passco.com.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $91.1 billion in real estate assets under management, 586 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2023). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com/realestate
SOURCE PASSCO COMPANIES
Originally published at https://www.prnewswire.com/news-releases/passco-surpasses-4-billion-aum-250m-in-the-midwest-with-the-acquisition-of-cortona-at-forest-park-in-st-louis-mo-302003511.html
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