ST LOUIS, MO - 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.