City Club Apartments, the owner of Central West End City Club Apartments in St. Louis, has sold the community and will be exiting St. Louis to begin development in Cleveland and other Midwest and East Coast markets. The terms of the transaction were not disclosed.
“We appreciate and respect the city of St. Louis and its leadership, but have made the decision to focus the growth of our portfolio on other Midwest and East Coast markets,” said Jonathan Holtzman, chief executive officer of City Club Apartments. “We have a responsibility to our investors, lenders and partners to perform at the highest level and we are reallocating our financial and human capital to several accelerating markets including Cleveland.”
City Club Apartments broke ground on City Club Apartments – CBD Detroit in January and City Club Apartments – CBD Minneapolis in March of this year. The company hosted the grand-opening for its City Club Apartments – CBD Cincinnati in April.
When complete, City Club Apartments – CBD Detroit will feature more than 280 urban apartments and penthouses, as well as 12,000 square feet of street-level retail, restaurants and a specialty market.
City Club Apartments – CBD Minneapolis will mix restaurant, entertainment and event space, while incorporating a historic building with 100-year-old wood trusses and soaring 30-foot ceilings. A European-inspired green corridor that connects the community’s restaurant to the city. More than 50 percent of the apartments will be affordable, attracting and keeping recent college graduates and young talent in the city.
In Cincinnati, City Club renovated the historic 309 Vine building into a mixed-use community that includes class A office space, a specialty market, doggie day care and restaurant. Holtzman found the best real estate in the city and placed the development in that spot so tenants are within walking distance of most major entertainment and dining options in The Queen City.
