The sales price was disclosed, though TA paid $26 million for the 31-year-old property when it was acquired in 2005. A similar property in Chesterfield, the 694-unit Baxter Crossing, was purchased by Midwest Diversified Development Co. for $69,000 per unit in July 2009.
Sean Fogarty with HFF says the Maxus owns a few local properties and wanted to expand its area holdings, while TA desired to unload sites in secondary markets. "Chesterfield is a very stable market, a premier apartment area with great demographics and near the highway," Fogarty tells GlobeSt.com about the west St. Louis suburb. "We expect further improvement in the market because there's a significant lack of new supply and there's nothing real substantial coming in the near term."
Rents at the property run from a one-bedroom for $855 to three-bedrooms for $1,405 per month. The property includes an outdoor pool, playground, 24-hour fitness center and Internet café.
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