ST. LOUIS — The Ceylon apartments in downtown Clayton have been sold to JVM Realty Corp., a Chicago-area investor of Midwest multifamily projects.
The seller was Opus Group, which built and developed the 120-unit apartments for $41 million in 2018. CBRE's Matt Bukhshtaber represented Opus in the deal. A CBRE spokesman declined to comment.
A sales price for 25 N. Central Ave. was not disclosed, but similar properties have sold for over $30 million, according to research from real estate data firm Reonomy. Commercial real estate sources said the property sold for north of $30 million.
The Ceylon apartments are the only St. Louis-area property in JVM's portfolio, which consists of apartments in Kansas City, the Chicago suburbs and Indianapolis. JVM is led by President and CEO Jay Madary, according to its website.
More from the Business Journal
- Why St. Louis' luxury housing market is seeing an uptick in new listings
- Harris-Stowe to offer three types of classes as part of fall reopening plan
- Local construction firm completes $23M in projects for Normandy schools
- Chris 'Mac' McKenzie turned his love of quality meat into one of St. Louis' best burgers
- St. Louis nonprofits — including some already supported by taxpayers — got millions in PPP funds
- Ameren Missouri launches $500,000 COVID-19 relief fund for small businesses, nonprofits
