ST. LOUIS — Troubled developer Green Street Real Estate Ventures has sold its prominent apartments in The Grove neighborhood.
51ºÚÁÏ developer AHM Group — which is redeveloping parts of Downtown West — acquired the Chroma and Hue apartments at Manchester and Vandeventer avenues for just under $90 million.
The deal closed July 24, real estate records show.
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Green Street Principal Phil Hulse did not immediately respond to a request for comment.
AHM Managing Principal Kyle Howerton said the company plans to make cosmetic improvements and other capital investments to the properties. North Carolina-based private equity firm SilverCap Partners served as an institutional investor.
“We’re super excited to close on the deal. We’ve always seen them as Class A assets in a Class location,†Howerton said Tuesday. “It was a rare opportunity.â€
Green Street opened the Chroma apartments in 2018, and the adjacent Hue apartments in late 2020.
The developer’s success there led it to take on more apartment projects elsewhere in the neighborhood and the region before the company encountered financial problems.
The pandemic and rising interest rates halted Green Street’s rapid rise. The company laid off most of its employees in 2023, and faces numerous lawsuits from contractors and creditors. One of the company’s principals, Kevin Morrell, has filed for bankruptcy with more than $400 million in debt.
The U.S. Bankruptcy Court of Eastern Missouri earlier this month discharged at least $69.3 million of unsecured claims filed by creditors against Morrell.
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