Subject: CXP
CAPREIT Acquires Pure St. Peters Apartments
ST. PETERS, Mo., Nov. 7, 2019 /PRNewswire/ -- CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Pure St. Peters, a recently developed market-rate apartment community that began leasing in 2019.
The community, which features 143 contemporary apartment homes, is situated moments south of Interstate 70 and just east of Jungermann Road. Many of the neighborhood's finest dining, retail and entertainment options are within walking distance or a short drive, and the community offers a vast array of community amenities and flexible leasing options. CAPREIT acquired the community in conjunction with Legacy Capital Partners.
"CAPREIT is an enormous fan of the wonderful St. Charles County market, and we're delighted to add Pure St. Peters to our local portfolio," said Ernie Heymann, chief investment officer for CAPREIT. "Pure St. Peters is a brand-new asset in a highly desirable portion of the neighborhood, and we look forward to offering one of the best living experiences in the area while working to be the best neighbor we can be."
Situated at 2100 Pure Street, Pure St. Peters is surrounded by an abundance of local shops, Barnes-Jewish Hospital and features several local restaurant partnerships. The community is situated alongside the Cave Springs area of St. Peters, which includes Cave Springs Lanes bowling alley and several other neighborhood attractions. In addition, Chimi's Mexican and Kokomo Joe's Family Fun Center are within a short walk of the community.
Money Magazine labeled St. Peters the 15th Best Place to Live in its 2017 Top 100 list, labeling it "an ideal place to start a family." The town is also home to St. Charles County's largest shopping center, Mid Rivers Mall, which is located three miles west of the community.
Pure St. Peters offers one- and two-bedroom homes ranging from 687 to 1,084 square feet. Apartment interiors at the pet-friendly community are equipped with a variety of distinct, lifestyle-enhancing features. Included are granite countertops, stainless steel appliances, LED energy-efficient lighting, hardwood flooring, programmable thermostats, large closets, subway tile backsplashes, in-home washers and dryers, walk-in closets and linen closets.
Community amenities at the controlled-access community consist of a 24-hour high-endurance fitness center, business center, breakfast/coffee concierge, outdoor lounge, fire pit, Bocce ball area and grilling stations. Residents also have access to onsite package service and recycling.
Pure St. Peters marks the seventh community CAPREIT owns or manages within St. Charles County. Others include Traditions at Mid Rivers (Cottleville), Greenway Chase (Florissant), O'Fallon Lakes (O'Fallon), Peine Lakes (Wentzville), Sunbrook Apartments and Metro on 5th (both in Saint Charles).
About CAPREIT
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 16,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
About Legacy Capital Partners:
Legacy Capital Partners is a Cleveland based real estate private equity firm founded in 2004. Since its inception, Legacy has invested in 69 properties with a total cost basis of $1.9 billion. Since October 2009 Legacy has invested exclusively in for-rent multifamily properties investing over $240 million in the acquisition and renovation of 15,387 apartment units in 55 properties. For more information, please visit www.LCP1.com.
MEDIA CONTACT
Paul Willis
LinnellTaylor Marketing
[email protected]
720-280-5172
SOURCE CAPREIT
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