DEARFIELD BEACH, FL – Walker & Dunlop announced that it completed the sale of Indigo Station on behalf of Ram Realty Advisors to Cortland. The transaction represents the first time that the property has changed hands since its development in 2019.
Located in the underserved Deerfield Beach submarket in northern Broward County, Florida, the 226-unit luxury apartment community is a rare investment opportunity in a high-barrier-to-entry neighborhood. Adjacent to the Deerfield Beach Tri Rail station, Indigo Station is one of few transit-oriented rental communities in Broward County. The property offers residents convenient access to employment centers, including Park at Broken Sound, Cypress Creek, and Moran Family Enterprises’ headquarters, which employs 3,200 people directly across the street.
The sale was handled by Walker & Dunlop’s Still Hunter, Greg Engler, Kaya Suarez, who represented both the seller and the buyer in the disposition. Mr. Hunter commented, “This unique asset offers ‘attainable luxury,’ which is in high demand, yet most communities within South Florida target just the very top of the market. This property has a much larger pool of potential renters to draw from, ensuring durable rental demand and long-term asset performance for our longstanding client, Cortland.”
“The development of Indigo Station is consistent with our well-established strategy of making institutional quality mixed-use projects throughout the Southeast. We were initially attracted to the location by virtue of its access to both public transit and I-95, as well as proximity to major employment centers. The sale of the asset in no way diminishes our commitment to South Florida and more specifically Broward County, where we recently broke ground on a new mixed-use project in Oakland Park,” Casey Cummings, CEO of Ram Realty Advisors.
Indigo Station is National Green Building Standard (NGBS) certified and features an ideal mix of efficiently laid-out, luxuriously appointed studio, one-, and two- bedroom apartment homes. Community amenities include onsite shopping and dining, a heated resort-style pool, expansive sundeck, grilling and picnic areas, a group fitness center, electric car charging stations, and controlled access. The community boasts convenient access to employment and entertainment as well as a diverse array of retailers.

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CHESTERFIELD, MO – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought a luxury Class A, trophy multifamily asset in Chesterfield, Missouri, from Watermark Residential for $98 million. The firm will rebrand the 345-unit community, previously named Watermark at Chesterfield Village, as The PARQ at Chesterfield.
According to Keanan Gomez, Director of Acquisitions at Passco, the buy is well aligned with the firm s strategy to buy best-in-class apartment communities in suburban markets throughout the country that have demonstrated strong demographic trends.
The PARQ at Chesterfield is the first new multifamily community built in the submarket in more than 30 years, and the property s success during lease-up demonstrates the pent-up demand for luxury rental units in the market, clarifies Gomez, noting that the community reached stabilized occupancy in less than 14 months and performed well during the pandemic. We quickly recognized the opportunity to buy a superb asset in a market that is experiencing significant growth in white-collar employment, including more than 7,000 jobs within a 5-mile radius of the property.
Gomez also points to Chesterfield s high quality-of-life scores, including an overall grade of A+ from Niche, as driving interest from potential residents. The location offers access to exceptional school districts, premier parks, nationally ranked hospitals, and world-class employers, such as Pfizer, RGA, Centene, Bunge, and Bayer.
In addition to strong existing fundamentals, Chesterfield is well positioned for continued growth, confirms Gomez. The city is seeing a trend of major commercial development, including Wildhorse Village, a mixed-use project that will feature approximately 1 million square feet of office and 100,000 square feet of retail, located within a mile of The PARQ. With the flight to the suburbs accelerated this past year, we anticipate strong midwestern cities like Chesterfield will do very well and continue to attract residents looking for additional space and a lower cost of living.
Gomez also clarifies that the exceptional quality of The PARQ at Chesterfield adds to its appeal: Watermark Residential has constructed a phenomenal asset that does not miss a beat, meeting and exceeding today s design and amenity expectations for luxury, Class A communities.
The asset s community amenities include a resort-style swimming pool, 24-hour state-of-the-art fitness center, a Starbucks coffee bar, private open-air courtyards, an outdoor firepit area, custom grilling stations, focus rooms, corporate suites, 24-hour package pick-up, and monthly resident activities. The pet-friendly community also features a dog wash on site.
The PARQ at Chesterfield offers a range of one-, two-, and three-bedroom units that feature nine- or eleven-foot ceilings, full size washers and dryers, garden tubs, a modern gourmet bar kitchen, granite countertops, a private patio or balcony, and a walk-in closet, with wood-look flooring in select units.
We secured this rare opportunity through an brilliant working relationship with Watermark Residential and Andrea Kendrick, Ken Aston, and Bobby Mills of Berkadia, says Gomez. Additionally, we were able to act quickly and strategically, completing a 21-day due diligence process and a smooth and quick transaction for all parties.
The PARQ at Chesterfield is located at 16300 Lydia Hill Drive in Chesterfield, Missouri. Caleb Marten of KeyBank Real Estate Capital s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

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AUSTIN, TX – Stratus Properties announced its plans and construction financing for The Saint June, a 182-unit luxury garden style multi-family development within the Amarra subdivision of the Barton Creek community. The Saint June will be built on approximately 36 acres and will be comprised of multiple buildings featuring one, two and three bedroom apartments for lease with exceptional amenities, including a resort style clubhouse, fitness center, pool and extensive green space.
William H. Armstrong III, Chairman and Chief Executive Officer, stated, Our projects within the gorgeous Barton Creek community focus on using sustainable design features, materials, and construction techniques to ensure we protect the natural setting. Similar to the recently announced Holden Hills project, The Saint June is designed to complement the hill country environment with a focus on sustainable luxury and will be another unique, high-quality property that is key to our successful strategy of developing and monetizing properties. This multi-family development project will offer apartments for lease, which will add value to our leasing segment operations in the long-term. The Saint June is the most recent addition to our growing pipeline of projects focused on sustainability, and is located minutes away from downtown Austin, offering tenants simple access to restaurants, shops and entertainment.
The project will be owned by The Saint June, L.P., a Texas limited partnership. Project financing is in place and includes a construction loan to the limited partnership in the amount of approximately $30.3 million, guaranteed by Stratus, to finance approximately 55 percent of the estimated approximately $55 million project costs. The remaining estimated project costs will be funded by equity contributed to the limited partnership by Stratus and a new unrelated private equity investor. Stratus will receive 34.13 percent of the limited partnership s equity in exchange for its contribution of the land, development costs to date and cash, and will manage the project.
Stratus expects to start project construction before the end of the second quarter of 2021, subject to receiving a final county permit. First resident go-ins are plotted for late 2022.

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