Northmarq brokers sale of 172-unit multifamily property in St. Louis
ST. LOUIS (March 6, 2025) — Northmarq’s Midwest Multifamily Investment Sales team of Regional Managing Director Parker Stewart and Managing Director Dominic Martinez successfully brokered the sale of Piazza on West Pine. The 172-unit multifamily community was built in 2016 and 2018 and is located within walking distance to the Cortex Innovation District and the St. Louis University Law School.
Northmarq represented the seller and the property’s developer, a St. Louis-based investor group, which includes Cornerstone Development principals Sam and Anita Chimento.
The buyer was West End Real Estate Partners, a private investor with a national multifamily investment focus. The property management team for both the buyer and seller is 2B Residential/Balke Brown.
Two HUD loans, placed on each phase of the development and maturing in 2054, were assumed by the buyer.
“Our team received substantial national interest in Piazza on West Pine, driven by the dynamic fundamentals of the Midtown submarket, the high quality of the asset, and its strong operational performance since stabilizing in 2018,” said Stewart. “This acquisition marks West End’s entry into the St. Louis market.”
“With a number of strong written offers collected, a majority from investors making their first purchase in St. Louis, it is clear the Midwest continues to attract new capital for high-quality product,” said Martinez.
Located at 3939 & 3940 W. Pine Blvd. in St. Louis, Piazza on West Pine boasts studio, one-, two- and three-bedroom apartment homes with fully equipped kitchens, in-unit washer and dryers and walk-in closets. Residents of the multifamily property enjoy an ideal location in the Midtown neighborhood, minutes from the City Foundry, Alamo Theater and Forest Park.
Community amenities include: Saltwater pool with outdoor kitchen and poolside grilling, 24-hour fitness studio, clubhouse with business center, controlled access, gated parking/garages and pet spa.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.