Hamilton Zanze Acquires Apartment Community in St. Louis

The Steelyard apartments were acquired by national multifamily investor Hamilton Zanze. The deal closed April 10, 2020.

San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 170-unit Steelyard & IceHouse Apartments (Steelyard) in St. Louis, MO. The deal closed April 10. The purchase marks the firm’s fifth acquisition of the year, second property in St. Louis, and first self-sponsored Delaware Statutory Trust (DST).

Steelyard is a Class A, mid-rise community located in Downtown St. Louis. The developer, LuxLiving, first renovated a 1924 warehouse (The IceHouse) in 2016 to create 42 desirable lofts with open-concept floorplans and state-of-the-art amenities. An additional 128 units (The Steelyard) were built on a neighboring lot formerly home to several small warehouses and industrial structures. The now combined community offers a mix of luxury studios, one-, two-, and three-bedroom units averaging 784 square feet in size with desirable amenities including smart home technology.

“Steelyard & IceHouse provided us an attractive opportunity to buy a new property in the up-and-coming neighborhood of Soulard,” said David Nelson, Hamilton Zanze’s managing director of acquisitions. “The property features a robust amenity package, prime location near Downtown St. Louis, and offers residents the quality of life provided by the city’s energetic urban core. As this is our second acquisition in the metro within the last six months, we are excited about our continued growth in the region.”

High-end community amenities include a saltwater swimming pool and hot spa, poolside bar, snack bar, barbecue and lounging area, dog park and washroom, rooftop entertainment deck, fitness center, and concierge service. Property management has been transferred to affiliated company Mission Rock Residential.

Steelyard is located in Downtown St. Louis. In 2018, the market ranked as one of the top 100 cities for business and careers, as well as education. The metro is largely supported by the healthcare industry and is home to several medical centers, including top ranked St. Louis Children’s Hospital. Other notable area employers include Anheuser-Busch, Boeing, and Washington University in St. Louis.

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