MO: Watermark Residential to Develop Major O'Fallon Apartment Community
8 Oct, 2020
Watermark Residential, a wholly-owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of approximately 19 acres of land in the affluent St. Louis suburb of O’Fallon where the company plans to develop their fourth apartment community in Missouri—Avenue64 by Watermark. The expected completion date is August 2022.
Located at 1147 Technology Drive, Avenue64 by Watermark will be located between I-64 and Highway K, approximately 30 minutes west of downtown St. Louis. The new Class A apartment community is less than one mile from CitiMortgage and Progress West Hospital, two of the metro’s largest employers, and only a five-minute drive from MasterCard’s Global Operations Headquarters. Several local and national restaurants and shopping options are also just a short drive away.
“High barriers to entry, one of Watermark’s top criteria for new sites, have limited development in recent years, leading to a strong multifamily market in the area,” said Jesse Houghtalen, Watermark’s Vice President of Development, Southeast. “We are extremely pleased to have successfully worked with the city during the zoning process in order to move forward with this new project that will help fill the need for quality housing.”
Consisting of three four-story buildings, Avenue64 by Watermark will include 316 one-, two- and three-bedroom apartments, averaging just over 1,000 square feet. Watermark is dedicated to creating a superior living experience, and Avenue64 by Watermark will be no different. Each unit will feature premium interior finishes, including 9-foot ceilings with designer light fixtures, smooth glass cooktop stoves, and stainless-steel appliances, gourmet bar-kitchens with quartz countertops, walk-in closets, garden tubs, and full-size washers and dryers. As for amenities, Avenue64 by Watermark will include a professionally decorated clubhouse, a 24-hour fitness center with state-of-the-art equipment, a resort-style swimming pool with cabanas and entertainment areas as well as a pet-friendly bark park and doggie spa. Additionally, residents will enjoy access to an onsite property management team dedicated to the highest level of service.
With approximately 3 million residents, greater St. Louis is the 21st largest metro by population in the United States, with the city of O’Fallon being one of the area’s most desirable suburbs. With relatively high-income levels and affordable living rates, O’Fallon has been noted as one of the best cities to live in in the Midwest. The proposed apartment community will be attractive to families due to its location within the Francis Howell School District, the best school district in St. Charles County and the 11th overall best school district in the state of Missouri, according to niche.com.
Despite the area’s high growth rate, demand for quality multifamily options continues to outpace available supply, especially in O’Fallon, where only 456 units have been delivered in the last five years. The St. Louis MSA, overall, has seen minimal new supply with fewer than 1,800 multifamily completions per year over the last five years.
The development will be the company’s fourth multifamily community in Missouri. They own the Element by Watermark and Watermark at Tiffany Springs in Kansas City and started welcoming residents in early 2019 at Watermark at Chesterfield Village, a 345-unit Class A multifamily community located in the St. Louis suburb of Chesterfield.
Josh Purvis, managing partner with Watermark added, “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.”
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