ST. LOUIS, Dec. 5, 2023 ~ The real estate landscape of St. Louis has been bolstered by the acquisition of Cortona at Forest Park, a 278-unit Class-A apartment community, by Passco Companies, a privately held California-based commercial real estate company. Located in the heart of St. Louis, this property is adjacent to the iconic Forest Park, downtown Clayton, and the vibrant Central West End.

Passco Companies successfully navigated the acquisition process with assistance from Invesco Real Estate, a global real estate investment manager, and brokers Kevin Girard, Mark Stern, and Zach Kaufman of JLL Capital Markets. JLL's industry expertise and deep roots in the St. Louis market were instrumental in ensuring the success of this transaction. Caleb Marten of KeyBank Real Estate Capital's Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

Gary Goodman, Senior Vice President of Acquisitions for Passco Companies expressed his enthusiasm for adding another property to their portfolio in the Midwest: "We've done well in St. Louis and look to continue that trend with Cortona at Forest Park and its exceptional submarket fundamentals."

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St. Louis is an economic powerhouse with a $173+ billion economy driven by major industries that provide stability to the region as well as create an array of employment opportunities. The Cortex Innovation Community is located within a 10-minute drive from Cortona at Forest Park and is poised to become a leading innovation district across the United States, fostering technology-related startups, corporate research and development teams, manufacturers, nonprofit organizations, and a rich ecosystem of innovators.

Cortona at Forest Park offers residents an enjoyable lifestyle that includes convenient access to cultural and recreational treasures as well as top-tier amenities such as a three-tiered courtyard pool with cabanas; 24-hour fully equipped fitness center with on-site fitness classes; and even an on-site dog park and self-service pet spa. The property has demonstrated remarkable property performance and development success characterized by strong occupancy rates (93%) and resident retention.

This acquisition marks a significant milestone for both the local real estate market and the overall growth and development of St. Louis which further reinforces its status as a dynamic city with abundant opportunities.
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