ST LOUIS, MO – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of approximately 19 acres of land in the affluent St. Louis suburb of O’Fallon where the company plans to develop their fourth apartment community in Missouri—Avenue64 by Watermark. The expected completion date is August 2022.
Located at 1147 Technology Drive, Avenue64 by Watermark will be conveniently located between I-64 and Highway K, approximately 30 minutes west of downtown St. Louis. The new Class A apartment community is less than one mile from CitiMortgage and Progress West Hospital, two of the metro’s largest employers, and only a five-minute drive from MasterCard’s Global Operations Headquarters. Several local and national restaurant and shopping options are also just a small drive away.
“High barriers to entry, one of Watermark’s top criteria for new sites, has limited development in recent years, leading to a strong multifamily market in the area,” said Jesse Houghtalen, Watermark’s Vice President of Development, Southeast. “We are extremely pleased to have successfully worked with the city during the zoning process in order to go forward with this new project that will help fill the need for quality housing.”
Consisting of three four-tale buildings, Avenue64 by Watermark will include 316 one-, two- and three-bedroom apartments, averaging just over 1,000 square feet. Watermark is dedicated to making a superior living experience, and Avenue64 by Watermark will be no different. Each unit will feature premium interior finishes, including 9-foot ceilings with designer light fixtures, smooth glass cooktop stoves and stainless-steel appliances, gourmet bar-kitchens with quartz countertops, walk-in closets, garden tubs and full-size washers and dryers. As for amenities, Avenue64 by Watermark will include a professionally decorated clubhouse, a 24-hour fitness center with state-of-the-art equipment, a resort style swimming pool with cabanas and entertainment areas as well as a pet-friendly bark park and doggie spa. Additionally, residents will delight in access to an onsite property management team dedicated to the highest-level of service.
With approximately 3 million residents, greater St. Louis is the 21st largest metro by population in the United States, with the city of O’Fallon being one of the area’s most desirable suburbs. With relatively high income levels and affordable living rates, O’Fallon has been noted as one of the best cities to live in in the Midwest. The proposed apartment community will be attractive to families due to its location within the Francis Howell School District, the best school district in St. Charles County and the 11th overall best school district in the state of Missouri, according to niche.com.
Despite the area’s high growth rate, demand for quality multifamily options continues to outpace available supply, especially in O’Fallon, where only 456 units have been delivered in the last five years. The St. Louis MSA, overall, has seen minimal new supply with fewer than 1,800 multifamily completions per year over the last five years.
The development will be the company’s fourth multifamily community in Missouri. They own the Element by Watermark and Watermark at Tiffany Springs in Kansas City and started welcoming residents in early 2019 at Watermark at Chesterfield Village, a 345-unit Class A multifamily community located in the St. Louis suburb of Chesterfield.
Josh Purvis, managing partner with Watermark added, “Our recent multifamily development in Chesterfield has been well received, and we’re excited for our second development in the St. Louis area. The fact that we were able to secure such an advantageous site during the current environment is a credit to the entire Watermark team, and we look forward to bringing another high-quality, Watermark experience to the St. Louis area.”

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PROVIDENCE, RI – Gilbane Development Company has completed development of four new student housing projects, delivering over 3,000 beds of new development for students prior to the start of the fall semester at Towson University, Arizona State University, Oregon State University, and Kennesaw State University. Gilbane Development Company s new and existing student housing portfolio leased to 97% occupancy as of August 2020.
In addition, Gilbane Development was also selected as a trusted developer for over 2,500 on-campus beds and secured financing for over $300 million in new student housing developments throughout 2019 and 2020.
The completed student housing developments include:
Altus – Towson, MD, where Gilbane Development delivered 720 beds of student housing just .3 mile from the Towson University campus as part of Towson Row, a $350 million mixed-use development with over 1 million SF of retail, hotel, residential, and office space in Towson, MD. Amenities include a clubroom, fitness center, computer lounge, study rooms, game room, and two elevated courtyards, which collectively include a swimming pool, grilling area, fire pit, bocce court, pet park, and more. Gilbane Development is also currently developing The York at Towson Row, scheduled for delivery in August 2021;
Apollo – Tempe, AZ, a 943-bed purpose-built student housing and 64 units of market rate/workforce housing (Array on Apache), just 1,000 feet from Arizona State University s Tempe, Arizona campus. Array features 12,000 SF of retail and a structured parking garage along with best-in-market amenities including two unique pool areas: a rooftop swimming pool with panoramic views and a courtyard swimming pool. Additional amenities include a 25,000 SF rooftop amenity deck and sky lounge, a 6,000 SF open-air fitness center with cardio, full weights, and fitness/yoga center, outdoor courtyards with fire pits, cabanas, spa, central clubhouse, 24-hour study lounges, game rooms, and computer lab;
Sierra – Corvallis, OR a 228-unit building abutting the southeast corner of Oregon State University s campus in Corvallis, Oregon. Amenities include a heated pool, clubhouse, fitness center, game room, group study rooms, structured parking, a garage and 3 courtyards. The property is also only a few blocks from Downtown Corvallis; and,
Bixby – Kennesaw, GA, at Kennesaw State University (KSU) in Kennesaw, GA, 30 minutes north of Atlanta, which consists of 656 beds, a structured parking garage, and approximately 3,000 SF of retail. Bixby features a heated saltwater swimming pool and rooftop skydeck overlooking the KSU football stadium.
We are proud of each of our many team members and project partners, from design to construction to property management and operations, who tirelessly worked together to bring these exciting projects from vision to reality for students, parents, and campuses around the country, said Russell Broderick, senior vice president of Gilbane Development Company.

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ROSWELL, GA – 29th Street Capital (29SC), a privately-held real estate operator, has bought Lake House at Martin s Landing, a Class B, 300-unit asset located in the North Fulton submarket of Atlanta. 29SC plans to add value to the property with light upgrades to 282 apartments that were previously improved by the seller plus full interior renovations on 18 classic units. The firm will also improve the exteriors and amenities.
This is 29SC s third acquisition in Atlanta in the past 12 months and will be a strong addition to our Atlanta portfolio, which has now reached over 700 units, said Javier Bustillo, 29SC s Senior Vice President of Acquisitions. I am excited to add this unique asset to our current Atlanta portfolio and I look forward to our continued expansion in this market.
Lake House at Martin s Landing, located at 1500 Harbor Landing, is approximately 23 miles northeast of downtown Atlanta. Of the three apartment communities with water access in all of Metro Atlanta, two are located on the Chattahoochee River, making Lake House at Martin s Landing the only apartment community with direct access to a lake in all of Atlanta.
Lake House at Martin s Landing offers the area s most spacious two-, three-, and four-bedroom apartment homes inside a master-plotted community. Residents have access to the 53-acre Martin Lake and an uninterrupted 2.4-mile designated walking trail around the lake.
The Lake House at Martin s Landing is located in the middle of one of the highest growth corridors between North Fulton and the Central Perimeter employment centers, added Royce Baptist, 29SC s VP in Atlanta. Between the abundance of jobs and proximity to Martin Lake, this asset offers a fantastic work/lifestyle balance.
The transaction closed Wednesday, September 30. Neither the seller nor the sale price have been released.

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