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Illinois Firm Picks Up 400-Unit Apt. Complex

O'FALLON, MO-With the acquisition of the Enclave at Winghaven Apartments, Essex Capital LLC has grown its St. Louis portfolio to 1,177 units.

By Danielle Anderson | Updated on December 01, 2006

(To read more on the multifamily market, click here.)

O’FALLON, MO-Essex Capital LLC recently added the Enclave at Winghaven Apartments to its growing St. Louis multifamily portfolio, which now includes four properties totaling 1,177 units. Built in 2001, the 400-unit Enclave at Winghaven listed for $32 million, or $80,000 per unit. Essex officials declined to release the acquisition price for the property, which is part of the $600-million, 1,200-acre Winghaven master-planned community here.

Leasing up the Enclave at Winghaven will be the primary challenge for the new owners, Brian Toomey of Essex Capital LLC tells GlobeSt.com. The occupancy rate at the complex is in the 80% range. Toomey says that rental rates for the 216 one-bedroom, 144 two-bedroom and 40 three-bedroom apartments, which range from $675 to $1,150, are in line with the local market. The complex, which features a resort-style clubhouse, pool, fitness center, tennis court, garages and carports, offers easy access to Highway 40 and Interstate 64. The property also is about a quarter mile from Winghaven’s largest office tenant and employer, the North American headquarters of MasterCard’s Global Technology and Operations.

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