Monarch Investment Acquires Six-Property Multifamily Portfolio in St. Louis for $180M

ST. LOUIS AND VALLEY PARK, MO. — Berkadia has arranged the sale of a six-property multifamily portfolio located in St. Louis County. The 2,000-unit portfolio sold for nearly $180 million.

Andrea Kendrick and Ken Aston of Berkadia represented the seller, New Jersey-based GEM Property Management. Joe Harms and Julie Irvin of Salivar Harms LLP acted as legal counsel to GEM.

“This transaction is indicative of the strength of the St. Louis multifamily market,” says Aston. “It is the largest portfolio transaction in the history of St. Louis real estate.”

Berkadia’s Peter Benedetto also arranged Fannie Mae acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group.

“The portfolio included six apartment communities with long-term ownership,” says Kendrick. “In recent years, the seller invested more than $50 million into capital improvements.”

Five of the properties in the portfolio are located in St. Louis: the 320-unit Canyon Creek, 256-unit Southwoods, 388-unit Heritage Estates, 550-unit Villages at General Grant and 196-unit Village Royale. The portfolio also includes the 260-unit Forest Woods in Valley Park, roughly 20 miles southwest of St. Louis.

The garden-style communities feature amenities such as swimming pools, playgrounds, fitness centers, picnic areas and sports courts.

Monarch will take over operations at the six properties. The company currently manages 45,953 apartment units across the United States.

— Camren Skelton 

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