SAN FRANCISCO, CA (May 2016) — Polaris Real Estate Partners (PREP), a principal investor and manager of multifamily properties, has purchased a 160 unit apartment project in Florissant, a suburb of St. Louis, Missouri. The acquisition is the principals’ eleventh multifamily investment within the past three years.
“Waterford Square is our first investment in St. Louis, our second in Missouri and fourth in the Kansas – Missouri area. This establishes for us a substantial base from which we can grow,” noted Travis Pacoe, general partner of Polaris Real Estate Partners. “We acquired Waterford from the original developer of the property. It is in exceptional condition with an unusually stable operating history. We intend to systematically upgrade unit interiors to capture incremental increases in rent, which the prior owner did not take advantage of.” Polaris now controls a total of 499 units within this submarket and is actively pursuing other regional opportunities.
Waterford Square is located in a quiet residential area in Florissant, equidistant to Interstate 270, 1.5 miles to the north and Highway 67, 1.5 miles to the south. Florissant is the 12th largest city in Missouri, with 52,000 residents, and is in the north part of St. Louis County. North St. Louis County is the headquarters for Emerson Electric, Express Scripts and the military aircraft division of Boeing. The St. Louis metro area is home to more than 103,000 businesses, employing 1.3MM people. Major employers in greater St. Louis include BJC Healthcare, Boeing Defense, Space and Security, Washington University in St. Louis, Scott Air Force Base, SSM Healthcare, Mercy, Schnuck Markets, Wal-Mart, and McDonald’s.
Polaris Real Estate Partners specializes in multifamily investment in the mid-western and central United States, with its principals holding decades of direct real estate investment experience and 1,875 units currently under ownership and management. Over the past 20 years Polaris principals have acquired multifamily properties, warehouses, manufacturing facilities and retail properties as well as improved and unimproved land. Polaris Real Estate Partners is currently seeking projects 100 to 500 units in size in the mid-western and central U.S.