Northmarq’s Midwest Investment Sales team of Regional Managing Director Parker Stewart and Managing Director Dominic Martinez 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.
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.
