Northmarq’s Midwest Multifamily Investment Sales team completed the sale of Stoney Pines Apartments, a newly constructed 128-unit multifamily community located in Barnhart, Missouri, within the St. Louis MSA for more than $20 million.
Northmarq’s Parker Stewart, Dominic Martinez, Alex Malzone and Charlie McKee represented the seller, a local developer. The buyer was Storyboard Living. “Stoney Pines represents the ongoing ‘flight to quality’ trend among multifamily investors,” said Stewart. “Storyboard Living was able to acquire the property at a compelling basis with the opportunity to realize substantial operational upside through hands-on management.”
Completed in 2024, Stoney Pines Apartments is strategically positioned off Interstate 55. The property is also just a 15-minute drive from a $400 million state-of-the-art manufacturing facility for James Hardie, a global leader in fiber cement siding and exterior design solutions. The facility, currently under construction, is expected to bring significant economic activity and job growth to the area.
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