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Northmarq Brokers $20M Sale of St. Louis Metro Apartments
Northmarq’s Midwest Multifamily Investment Sales team has completed the sale of Stoney Pines Apartments, a newly constructed 128-unit multifamily community located in Barnhart, Missouri, within the St. Louis metropolitan area. The property sold for more than $20 million.
The deal was brokered by Northmarq’s Parker Stewart, Dominic Martinez, Alex Malzone, and Charlie McKee, who 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.”
Completed in 2024, Stoney Pines Apartments is strategically situated off Interstate 55 and is just a 15-minute drive from a $400 million state-of-the-art James Hardie manufacturing facility. The facility, which is currently under construction, is expected to significantly boost the local economy and create job growth in the region.
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