Gannon Realty Group and Fireside Financial partnered to buy the Charter Place Apartments in Creve Coeur for $22 million. The deal is among the area’s largest multi-family sales in the past 18 months as investment sale activity has slowed to a crawl.
The sale of the 284-unit property at 11907 Charter House Lane near Olive and I-270 closed March 3. Principal Global Investors of Des Moines, Iowa, bought the property in 2005 for $30 million.
“We see it as an opportunity to buy at the right time,” said Gannon Senior Vice President David Weygandt. “Debt and equity markets are starting to loosen and that will lead to more transactions.”