Amenities at the development, called Avenue64 by Watermark, will include a “bark park” and dog spa, swimming pool and fitness center
O’FALLON, Mo. — Indianapolis-based Watermark Residential has closed on an acquisition of 19 acres in O’Fallon, Missouri, that will be home to its new 316-unit apartment development.
A sales price was not disclosed but the land, at 1147 Technology Drive off Interstate 64, is nearby major employers such as CitiMortgage, Progress West Hospital and MasterCard’s Global Operations Headquarters.
Watermark officials say the development, called Avenue64 by Watermark, will feature one-, two- and three-bedroom apartments, averaging just over 1,000 square feet across three four-story buildings. Each unit will have 9-foot ceilings, stainless-steel appliances and gourmet bar-kitchens with quartz countertops. The development’s amenities will include a “bark park” and dog spa, swimming pool and fitness center.
It’s unclear whether a general contractor or architect has been chosen. Watermark’s parent company, Thompson Thrift, typically builds its own development projects. Avenue64 by Watermark is slated to come online in August 2022, officials said.
A total investment price was not disclosed, but real estate sources said the project is likely to cost upwards of $50 million.
It’s the second multifamily development in the St. Louis area for Watermark. The company developed Watermark at Chesterfield Village, a 345-unit Class A multifamily project in 2018 — Chesterfield’s first apartment project in nearly 30 years. Watermark invested a little more than $75 million in acquisition and development costs for that project.
“Our recent multifamily development in Chesterfield has been well received, and we’re excited for our second development in the St. Louis area. The fact that we were able to secure such an advantageous site during the current environment is a credit to the entire Watermark team, and we look forward to bringing another high-quality, Watermark experience to the St. Louis area,” said Josh Purvis, Watermark managing partner.
St. Charles County has one of the highest apartment occupancy rates in the region at 96.1% as of the second quarter of 2020. The average monthly rent is $1,005, according to Berkadia research. Overall, the metropolitan area reported a 94.1% occupancy rate and $995 rent in the second quarter.