Northmarq brokers $20M+ sale of Stoney Pines Apartments in St. Louis metro area

ST. LOUIS — Northmarq’s Midwest Multifamily Investment Sales team completed the sale of Stoney Pines Apartments, a newly constructed 128-unit multifamily community located in Barnhart, Missouri, within the St. Louis MSA for more than $20 million.

Northmarq’s Parker Stewart, Dominic Martinez, Alex Malzone and Charlie McKee represented the seller, a local developer. The buyer was Storyboard Living.

"Stoney Pines represents the ongoing ‘flight to quality’ trend among multifamily investors,” said Stewart. “Storyboard Living was able to acquire the property at a compelling basis with the opportunity to realize substantial operational upside through hands-on management.”

"We're excited to get to work and bring Stoney Pines under the Storyboard umbrella after closing another deal with Parker, Dominic and the Northmarq Midwest Multifamily team. It's always a pleasure working with a sales team as professional as theirs," said Raj Tut, president of Storyboard Living.

Completed in 2024, Stoney Pines Apartments is strategically positioned off Interstate 55 in Jefferson County, Missouri’s sixth-largest county. The property benefits from limited direct competition and rising demand for suburban rental housing.

Stoney Pines is also just a 15-minute drive from a $400 million state-of-the-art manufacturing facility for James Hardie, a global leader in fiber cement siding and exterior design solutions. The facility, currently under construction, is expected to bring significant economic activity and job growth to the area.

Each unit features stainless steel appliances and in-unit washer/dryer with community amenities such as a gated dog park, resort-style pool and fitness center.