Elite Street Capital completed its third and fourth acquisitions of 2018 with the closing of Lofts at Highlands in St. Louis, Missouri and Residence at Waterstone in Pikesville, Maryland. This brings ESC’s total Multifamily acquisitions to 26 in the last three years.
Lofts at Highlands:
The 200-unit property has been renamed The Fields Highland Lofts, and will be managed by Elite Street Capital Property Management Services. ESC plans to invest significant capital to renovate both the interiors, and exterior of the asset. ESC funded this acquisition with several partners, and assumed existing HUD debt.
The Fields Highland Lofts is located directly adjacent to I-64 which runs East/West along the South edge of Forest Park and provides immediate and convenient access to downtown St. Louis.This, along with multiple other nearby interstates, light rail, bus, taxi, bike lanes, and pedestrian walkways places residence within a 20 minute commute of all 18 Fortune 1000 companies in the St. Louis MSA.
Constructed in 2005, The Fields Highland Lofts is situated on 2.82 acres of land. The neighborhoods surround the asset are some of the most affluent in the city, developed during the period of the City’s westward expansion in the late 19th century in preparation for the 1904 World’s Fair. The asset sits on the site of the former Forest Park Highlands amusement park and the St. Louis Arena.
Residence at Waterstone:
The 255-unit property has been renamed The Fields Anton Woods, and will be managed by Elite Street Capital Property Management Services. ESC plans to invest significant capital to renovate both the interiors, and exterior of the asset. ESC funded this acquisition with several partners, and assumed existing Freddie Mac debt.
The Fields Anton Woods is located in the city of Pikesville, Maryland. Pikesville offers a bounty of retail and entertainment options, which will continue to grow with the nearby Owings Mill redevelopment.
Constructed in 2002, the asset is situated on 25.2 acres of land. The asset is located along the northwest portion of I-695 (Baltimore Beltway) within the Greater Baltimore Metropolitan Area. The property is conveniently proximate to the Owings Mills and Old Court metro stations, all of which provide excellent connectivity to Baltimore’s major employers and vibrant lifestyle amenities.