Acquisition of a Partnership Interest in Clayton on the ParkApril 23rd, 2021 | by 18squared
18 Squared Tactical Fund, LP is pleased to announce the acquisition of a partnership interest in Clayton on the Park, located in Clayton, Missouri – the hub of metropolitan St. Louis. Clayton on the Park is a 213-unit luxury apartment community that the operator was able to purchase completely off-market through early and lengthy negotiation with the ownership group.
The building is one of the premier multifamily assets in all of St. Louis, and Clayton is one of the most desirable and active submarkets in the Midwest. Clayton on the Park was originally developed as a hotel in 1998, was converted to apartments in 2011, and was then fully renovated in 2017. It is now a 24-story luxury high-rise offering residents such amenities as a 24/7 full-service concierge, valet, laundry, covered garage parking, and a state-of-the-art fitness center with personal training services.
The property sits within the Clayton community which is within walking distance of the Central Business District’s office complexes, shopping, and entertainment options. The Clayton community itself encompasses over 225 boutiques and shops, 80 restaurants, and 5 hotels. Furthermore, Clayton’s AAA-rated school district is one of the nation’s best, ranking #13 in the entire country according to Niche. Clayton High School ranked #2 in the state and the city is also home to several well-regarded private institutions, including Washington University of St. Louis.
High-quality assets such as Clayton on the Park are difficult to come by. While this investment does not follow the Fund’s typical value-add strategy, the purchase price and achievable efficiencies offer an attractive return and further diversify the portfolio.
As always, the 18 Squared team is available to answer questions.