Northmarq brokers $10.1 million sale of Pinewood Park and Spring Hills apartment community

ST. LOUIS, MISSOURI (March 20, 2023) — Northmarq’s Midwest investment sales team led by Dominic Martinez, senior vice president, Parker Stewart, managing director, Alex Malzone, vice president, and Anthony Martinez, associate, arranged the sale of Pinewood Park and Spring Hills in the Springfield, Missouri MSA. Situated on 10.66 acres, the property features 133 units and is located at 1600 Windmill Way in Republic, Missouri. Northmarq represented the seller, a regional, long-term investor. The buyer, a Midwest-based private investor, acquired the asset for approximately $10.1 million.

“We collected a dozen offers and experienced a highly competitive bidding process, despite the tertiary nature of Springfield, MO,” said Dominic Martinez. “This is a testament to the continued aggressive capital seeking high-quality product across the Midwest.”

Built in 2002, Pinewood Park and Spring Hills is situated in the rapidly growing suburb of Springfield, the fastest growing MSA in Missouri. The property sits directly behind a Walmart-anchored retail center and is a short drive to a brand-new Amazon distribution center. The garden-style community offers one-, two-, and three-bedroom apartment homes ranging from 758 to 1,130 sq. ft. Apartment amenities include: Dining room area, open concept, walk-in closets, private patio/balcony, washer/dryer hook-ups, and wood-look flooring. Community amenities include: Pool, sundeck, package service, on-site property manager, fenced lot, laundry facilities, and on-site maintenance.