ST. LOUIS—Catamount Capital, LLC recently sold a multifamily property located in the high-profile Central West End area of St. Louis for a 162% total return on equity over a 4.5-year hold, a good example of the bargains that were available in second-tier markets during the downturn.
The high-rise development, Hampden Hall Apartments, located at 4404 McPherson Ave., was purchased by the Dallas-based firm in December 2010 for just $4.5 million. At the time, many investors were keeping their focus on the top-tier core markets that promised stability.
"That was one of the reasons that we were focused on the second-tier markets; we felt there were a lot of opportunities," Greg Mattlage, president of Catamount, tells GlobeSt.com. Hampden Hall, for example, was alomost too good to be true.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
