Passco Cos. has paid $98 million for a luxury class A, trophy multifamily asset in Chesterfield, Mo., from Watermark Residential.
The firm will rebrand the 345-unit community, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield.
The purchase is well aligned with the firm’s strategy to acquire best-in-class apartment communities in suburban markets throughout the country that have demonstrated strong demographic trends. The community reached stabilized occupancy in less than 14 months and performed well during the pandemic.
“The PARQ at Chesterfield is the first new multifamily community built in the submarket in more than 30 years, and the property’s success during lease-up demonstrates the pent-up demand for luxury rental units in the market,” said Keanan Gomez, director of acquisitions at Passco. “We quickly recognized the opportunity to acquire a superb asset in a market that is experiencing significant growth in white-co
