CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Peine Lakes and O’Fallon Lakes, two affordable communities in suburban St. Louis.
CAPREIT previously had taken over the management responsibilities of the tax-credit communities and assumed ownership in October. Peine Lakes, in Wentzville, Mo., features 256 apartments homes and O’Fallon Lakes, in nearby O’Fallon, Mo., includes 266. The communities are situated in fast-growing, well-educated St. Charles County.
“We’ve enjoyed overseeing the management responsibilities at these communities, and we’re delighted to officially add them to our portfolio,” said Stephen Catarinella, vice president of acquisitions and business development for CAPREIT. “The northwest side of the St. Louis metropolitan area is becoming increasingly popular, and the demand for quality affordable housing is following suit. We’re eager to take care of the local community by offering a high-quality, cost-effective living experience.”
Peine Lakes is about 45 miles northwest of Downtown St. Louis and O’Fallon Lakes 34 miles in the same direction along Interstate 70. Each community also features prime access to US-61, a primary north-south thoroughfare that stretches from Minnesota to New Orleans. The primary employment sectors in St. Charles County, which boasts a low 3 percent unemployment rate, are manufacturing, education, health services, leisure and hospitality.
Located at 2010 Peine Road, Peine Lakes includes 205 affordable and 51 market-rate apartment homes. Wentzville is home to a General Motors assembly plant that includes about 3,300 employees, and is on pace to be Missouri’s fastest-growing city for a second consecutive decade.
O’Fallon Lakes is a garden-style community situated at 9300 O’Fallon Lakes Drive, less than 10 miles from the largest employer in the submarket, CitiMortgage. O’Fallon is also home to the operations center of MasterCard Worldwide and True Manufacturing, which specializes in refrigerator products. Combined, the three companies contribute about 9,000 employees to the local workforce.
Each community consists of 1-, 2- and 3-bedroom apartment homes ranging from 802 to 1,157 square feet. Apartment interiors at the pet-friendly communities include walk-in closets, full-size washer and dryer hookups, vaulted ceilings, abundant cabinet space and private patios or balconies with extra storage.
Common-area amenities at Peine Lakes include an expansive clubhouse, pool with sundeck and a large business center with a separate study room and conference room. Community amenities at O’Fallon Lakes include a fitness center, outdoor pool, clubhouse, athletic courts, technology room, playground and after-school learning center. Garage space is also available.