Passco Companies Acquires Cortona at Forest Park, Amplifying St. Louis’s Momentum in Multifamily Real Estate Opportunities
St. Louis, Missouri has garnered much-deserved attention lately as a dynamic urban center ripe with real estate opportunities, and a recent acquisition by Passco Companies, a renowned California-based commercial real estate enterprise, encapsulates this momentum perfectly. The addition of the 278-unit Class-A Cortona at Forest Park apartment community to Passco’s portfolio represents an important triumph for the company and a testament to the vibrant real estate context of St. Louis.
Positioned with easy access to the iconic Forest Park, downtown Clayton, and the bustling Central West End, Cortona at Forest Park is nestled in the heart of St. Louis and offers residents invaluable proximity to the array of cultural and recreational highlights the city boasts. This potent combination of comfortable livability, convenience, top-tier amenities showcases why Cortona is a much-desired residential destination. Demonstrating exceptional development success, this premium property witnesses robust occupancy rates – it currently stands at an impressive 93%, underlining the strength of its unique value proposition.
While acquisitions of this scale can be complex, Passco Companies seamlessly navigated the purchase, instating Cortona at Forest Park as a strategic addition to its versatile real estate assemblage. The purchase was brokered by Kevin Girard, Mark Stern, and Zach Kaufman of JLL Capital Markets. Their extensive industry acumen and solid understanding of the St. Louis real estate landscape were instrumental in ensuring a smooth transaction. Moreover, Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group enabled streamlined acquisition financing on behalf of Passco Companies.
The remarkable trajectory of the local economy made this purchase a prudent investment choice. Gary Goodman, Senior Vice President of Acquisitions for Passco Companies, expressed excitement at expanding Passco’s Midlands portfolio and admirably pointed out Cortona’s location that is “bookended by Barnes-Jewish Hospital and Washington University in St. Louis”. Furthermore, St. Louis’s robust economy, driven by powerhouse industries contributing to over $173 billion in economic output, underscores regional stability and augments employment opportunities.
Exploring the surrounding area of new Passco’s acquisition, we find Cortex Innovation Community – a significant employment and economic contributor nestled within a 10-minute drive from Cortona. Poised to evolve into a leading innovation district, this community stimulates vital technological advancement and nurtures a thriving ecosystem of startups, non-profit organizations, and corporate research, making it a noteworthy component in the living experience of Cortona’s residents.
Lastly, by focusing in on the new acquisition itself, Passco’s strategic move aquires a 278-unit mid-rise apartment community, built in 2014, that consists diverse mix of modern studio, 1, and 2-bedroom units. The residents will enjoy a remarkable array of amenities, including a three-tiered courtyard pool with cabanas, a 24-hour fitness center with in-house classes, and not forgetting pet lovers —an enormus on-site dog park and self-service pet spa.
The acquisition of Cortona at Forest Park is indeed a compelling milestone for Passco Companies as well as for St. Louis multifamily community, signalling great stride in residential real estate development, growth and investment potential.