Northmarq announces $54 million sale and acquisition financing of Maryland Heights luxury multifamily community

ST. LOUIS (April 29, 2024) — Northmarq’s Midwest Investment Sales team of Regional Managing Director Parker Stewart, Managing Director Dominic Martinez and Vice President Alex Malzone brokered the $54.1 million sale of a 214-unit multifamily property in Maryland Heights, Missouri. Built in 2021, The Flats at Dorsett Ridge is conveniently located northwest of St. Louis near I-270, with immediate access to downtown and major employers.

Northmarq represented Pier Property Group, a St. Louis-based developer, in the sale. The buyer was a large capital group from the East Coast. David Garfinkel, managing director of Debt + Equity at Northmarq, arranged the financing for the acquisition. The transaction was structured on a 5-year term.

“Flats at Dorsett is a great example of the ‘flight to quality’ focus we are experiencing in today’s marketplace,” said Martinez. “We were able to generate over a dozen offers from both institutional and private capital throughout the country, which led to a highly competitive bidding process.”

“The extended tax abatement, as well as the full-term interest only loan David and his team were able to secure, will allow new ownership to benefit from desirable cash returns out of the gate,” said Stewart.

“When the developer first built the project, we provided the debt and equity for this unique asset,” said Garfinkel. “Being able to collaboratively work with our Investment Sales team and finance new ownership with long-term agency debt made for an extremely cohesive process.”

The Flats at Dorsett Ridge offers one-, two- and three-bedroom apartment homes with designer finishes. The pet-friendly community boasts a central location with access to Interstate 70 and 270, perfect to live, work and play. Residents enjoy hotel-inspired community amenities including a pool and sundeck, high-tech fitness center, and dog park, in addition to three shopping centers within a 7-minute walk and five parks within 7.5 miles.

Apartment amenities include: In-unit washer/dryer, quartz countertops, stainless steel appliances, vinyl plank flooring, walk-in closets, expansive balconies, electronic thermostat and more. Community amenities include: Pet spa, grilling stations, outdoor gaming area, 24/7 fitness center, modern clubhouse with game room and golf simulator, coffee bar, controlled access parking garage, complimentary bike storage and on-site maintenance.