Clayton on the Park is a 206-unit multifamily development in Clayton, St. Louis County, Missouri. An affiliate of TKG purchased the asset in December, 2011, intending a conversion to 100% market rate rental apartments. The building was constructed in 1998, originally conceived as a hotel/apartment building. A partnership backed by Sunrise Senior Living acquired and converted the asset in 2008. The building was foreclosed upon in 2010 by Sovereign Bank (Santander). TKG completed the renovation in five months, moving in its first resident in July, 2012. The building stabilized in September, 2013. It is presently 97% occupied at rents averaging $2,380 ($2.42 per square foot).
// CLAYTON, MISSOURI
// MULTIFAMILY REHAB
// 213 UNITS, 202,565 RSF, OFFICE: 3,000 RSF, RETAIL: 4,500 RSF, $46.5 MILLION TOTAL CAPITAL STACK
// COMPLETED 2012
// 97% OCCUPANCY
// ADJACENT CITY-OWNED PARKING STURCTURE WITH LONG TERM-LEASE