The Steelyard apartments were acquired by national multifamily investor Hamilton Zanze. The deal closed April 10, 2020.
ST. LOUIS—Real estate investment firm Hamilton Zanze of San Francisco has acquired the 170-unit Steelyard & IceHouse Apartments (Steelyard) complex in the downtown district here.
The purchase marks the firm's fifth acquisition of the year, second property in St. Louis, and first self-sponsored Delaware Statutory Trust. Multiple published reports state Hamilton Zanze paid $45.9 million for the asset.
Steelyard is a Class A, mid-rise community located in Downtown St. Louis. The developer, LuxLiving, first renovated a 1924 warehouse (The IceHouse) in 2016 to create 42 desirable lofts with open-concept floor plans and state-of-the-art amenities. An additional 128 units (The Steelyard) were built on a neighboring lot formerly home to several small warehouses and industrial structures. The now combined community offers a mix of luxury studios, one-, two-, and three-bedroom units averaging 784 square feet in size with amenities that include smart home technology.
"Steelyard & IceHouse provided us an attractive opportunity to buy a new property in the up-and-coming neighborhood of Soulard," says David Nelson, Hamilton Zanze's managing director of acquisitions. "The property features a robust amenity package, prime location near Downtown St. Louis, and offers residents the quality of life provided by the city's energetic urban core. As this is our second acquisition in the metro within the last six months, we are excited about our continued growth in the region."
High-end community amenities include a saltwater swimming pool and hot spa, poolside bar, snack bar, barbecue and lounging area, dog park and washroom, rooftop entertainment deck, fitness center, and concierge service. Property management has been transferred to affiliated company Mission Rock Residential.
Since its founding in 2001, Hamilton Zanze has acquired more than $4.6 billion in multifamily assets primarily in the Western, Southwestern, and Eastern US. The firm currently owns and operates 87 properties (21,381 units) across 15 states.
In March, Hamilton Zanze acquired the 283-unit Bluebird Row Apartments in Chattanooga, TN. The newly acquired asset is the firm's sixth property in Tennessee.
The community, newly built in 2019, offers a mix of luxury studio, one-, two-, and three-bedroom units averaging 935 square feet in size.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
