Two-property apartment portfolio in St. Louis sold to an institutional buyer
JLL Capital Markets handled the sale of Cortona and Encore at Forest Park
The two mid-rise properties total approximately 430,571 square feet and comprise 525 units. The properties are located near one of St. Louis’ most coveted areas, Forest Park, and boasts a live-work-play lifestyle with access to top employers, entertainment, retail and dining options.
Cortona at Forest Park was completed in 2014 and offers studio, one- and two-bedroom floorplans with balcony, courtyard and exterior views available. Community amenities include a dog park and courtyard that features a three-tiered pool with cabanas, tanning ledge and hot tub, and an outdoor grill and bar area; and a clubhouse that includes a fitness center, coffee bar, pool table, shuffleboard and business center.
Encore at Forest Park was completed in 2018 and consists of studio, one-, two- and three-bedroom units with similar balcony, courtyard and exterior views. Community amenities include a three-tiered courtyard pool, cabanas, bar and grilling area, on-site dog park with a self-service pet spa and fitness center.
The JLL Capital Markets team representing the seller was led by Senior Director Kevin Girard and Executive Managing Director Matthew Lawton. In addition, Mike Donovan with Balke Brown Transwestern led the local team who co-brokered on the sale of this transaction.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.