SOLD!!!!!
Freeman Webb Investments has acquired Villages of Wyncrest, an 840-unit apartment complex in St. Louis County, Mo.
Freeman Webb raised approximately $57 million in equity for the investment. The company, the portfolio for which has grown 65 percent since the recession began in the late 2000s, acquired the property on an all-cash and unleveraged basis. Kenneth Aston with St.Louis-based Hendricks & Partners brokered the transaction.
The Villages of Wyncrest is located at the intersection of the St. Louis-area Tri-Cities of Clayton, Ladue and University City.
“Villages of Wyncrest has an ideal location between two affluent and flourishing cities — Clayton and Ladue — and is a gateway to University City,” Bill Freeman, chairman of Freeman Webb, said in a release. “It is hard to find over 50 acres of land with 840 apartment units in a thriving urban environment like this. We were able to purchase this property on an unleveraged basis, which is uncommon in the multifamily industry. Villages of Wyncrest is a significant addition to our growing portfolio.”
Freeman Webb is the largest private Nashville-based owner/manager of apartments, with a portfolio of more than 16,000 multifamily units located across the region.
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