ST. LOUIS (Feb. 6, 2024) — Northmarq’s St. Louis Multifamily Investment Sales team of Dominic Martinez, Parker Stewart and Alex Malzone have completed the sale and financing of Cross Creek Villas and The Falls of Columbia, a 168-unit, multifamily portfolio in Columbia, Missouri. Built in 2005 and 2006, the build-to-rent townhome communities are located at 4912 Alpine Ridge Drive and 136 Old Plank Road. Northmarq represented the seller, Blue Field Capital. The buyer was a private investor group making their first purchase in the market.
“Thanks to the continued strong market fundamentals and high-quality product, we received extremely strong interest from investors across the country, including a number of investors considering Columbia for the first time,” said Martinez.
David Garfinkel, managing director of the St. Louis Debt + Equity office, secured the acquisition loan. Northmarq arranged the permanent fixed rate loan for the borrower through its status as a Freddie Mac lender.
“Our ability to provide the buyer with attractive, fixed-rate financing helped create a seamless transaction for all parties,” said Stewart.
Cross Creek Villas is an 88-unit pet-friendly townhome community just 10 minutes from downtown offering convenient access to employment opportunities, entertainment, dining and shopping outlets. Residents enjoy an outdoor swimming pool and the convenience of on-site property management, plus 24-hour building access. Each of the three- and four-bedroom units has a backyard with patio and its own two-car attached garage.
The Falls of Columbia is an 80-unit build-for-rent townhome community in the heart of Columbia. Residents can choose from two-, three- and four-bedroom townhomes that include walk-in closets, in-unit laundry, an eat-in kitchen with a large pantry and more. The beautifully landscaped community also features an outdoor swimming pool, a basketball court and a beach volleyball court for residents to enjoy.
Read Northmarq’s recently released Single-Family Build-to-Rent special report, or explore our Build-to-Rent page to learn more.
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