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.

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