COTTLEVILLE, Mo., July 19, 2016 /PRNewswire/ -- CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Traditions at Mid Rivers, a recently constructed apartment community in suburban St. Louis.
The community, featuring 212 apartment homes, was built in 2015 and is part of an emerging submarket on the western flank of the metro area. Situated at 75 Fulton Street, the community benefits from a prime location with easy access to major transportation arteries leading into St. Louis and the surrounding metro area.
"We viewed this as a prime opportunity to acquire a year-old community in a growing, desirable suburb of St. Louis," said Brendan Majev, acquisitions associate for CAPREIT. "We believe St. Charles County will continue to be the best performing suburban area in St. Louis, and that the strength of the market will be most felt by Class A apartment communities, such as Traditions at Mid Rivers."
Traditions at Mid Rivers is situated within minutes of Interstate-70, Interstate-64 and Missouri Route 364 (Page Expressway), which provide access to a variety of professional opportunities across the sprawling metro area. Nearby attractions include 37-acre Legacy Park, which features a dog park, playground, volleyball, tennis and basketball courts, an amphitheater and multiuse trail.
St. Charles County is home to Lindenwood University, Six Flags and Hollywood Casino Amphitheater, a 7,000-capacity outdoor concert venue. Several cuisine options with a local fare are stationed in close proximity to the community, including Stone Soup Cottage, Bemo's Grill, The Wine Seller, The Rack House West Winery, and Se7en Cupcakes and Martinis. Cottleville is also prominent for its abundance of local events and historical-themed festivals, such as Lewis & Clark Heritage Days.
Traditions at Mid Rivers is pet-friendly and consists of 1-, 2- and 3-bedroom apartments that feature a private patio or balcony, air conditioning, island kitchen seating, walk-in closets, washer and dryer connections and luxury finishes. Community amenities include a state-of-the-art fitness center, resort-style swimming pool, clubhouse, garages and covered parking, relaxing outdoor space and property-wide high-speed Internet access.
Including Traditions at Mid Rivers, CAPREIT currently owns and operates nearly 14,000 units across the nation.
About CAPREIT As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities.