Construction begins on CRG apartment complex in St Charles

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Construction has officially begun on a CRG apartment complex in St Charles, Missouri, named the Chapter at The Streets. It will include 245 apartments on a 2.2-acre site in The Streets of St. Charles mixed-use complex at 333 Mulholland Drive, including ground-level parking. Construction is expected to be completed by the second quarter of 2023, with the first units ready for occupancy in the same quarter. It is a mid-rise apartment project in the Streets of St. Charles that is part of a US$1 billion multifamily investment strategy that would create flats for middle- to upper-income professionals in high-growth districts.

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CRG, Clayco’s St. Louis-based real estate development, and investment arm said the 27-acre Streets of St. Charles’ urban-style setting and walkability were intriguing for an apartment complex that will target young professionals who desire walkable alternatives and leisure nearby. The bigger project, dubbed Residences at Streets of St. Charles, was built by Cullinan Properties of Peoria, Illinois, and includes more than 1 million square feet of retail space, a movie theater, restaurants, and an existing premium apartment complex. The Katy Trail, a recreational trail that traces Lewis and Clark’s passage along the Missouri River, runs beside the complex.

Commentary on the CRG St. Charles apartment complex

“Walkable suburban communities that integrate residential and retail services, as well as convenient access to leisure and nature, such as Chapter at The Streets, will be extremely enticing to tenants.” “You hear a lot about 15-minute cities. This is a 5-minute city,” J.J. Smith, CRG’s managing partner, and residential group head stated in a news statement. According to the developer, the Chapter at The Streets will provide modern one- and two-bedroom floor designs with “thoughtful work from home space” and rates beginning at $1,400 per month. According to Cushman & Wakefield data, the average rent in the St. Charles County submarket was $1,166 in the third quarter of this year.