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.
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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.
