(Jan. 7, 2022) – Real estate investment, management and development firm Timberland Partners is pleased to announce the company has acquired Icon Communities, an apartment development in Farmington, Mo.
Icon Communities totals 408 apartment units in three adjacent buildings: the Icon Apartments at Farmington (built in 2020), The Hilltop Apartments (built in 2008) and Rockwood Condominiums (built in 2010). Upon completion of the sale, Timberland will operate all three apartments as The Avery Apartment Homes.
The Avery features one, two, and three-bedroom apartment homes with a variety of floorplans and designs. The apartments offer residents a mix of comfort, style, and selection. The property amenities include two on-site clubhouses, two resort-style swimming pools, two fitness centers, two business centers, a playground, a dog park and outdoor fire pits and grilling stations. These are available for the use of the residents of all three properties.
The apartment community is located just over an hour south of downtown St. Louis, Mo. near the Ozark Mountains. The Farmington community has experienced steady growth in population and household income. The property is conveniently located near high performing schools, community parks and walking trails, area employers and several shopping, dining and entertainment options.
With the purchase, Timberland now owns nine properties and 2,774 apartments in the St. Louis area. In addition to Icon Communities, Timberland also operates Green Mount Lakes, Parkway Lakeside, Pelican Cove, Vance Station, Willowbend, The Finn, Meadowridge, Synergy at the Meadows and Grand Central at the Junction.
“We see significant potential with The Avery Apartment Homes,” said Brad Swenson, acquisitions specialist for Timberland Partners. “There is a variety of unit styles and sizes that appeals to residents in many stages of life. We believe Farmington is an up-and-coming community and a great long-term market for an apartment investment. With our professional management staff on-site, we are confident we can bring even greater value to our investors and residents.”
About Timberland Partners Minneapolis-based Timberland Partners now owns and manages a portfolio of 85 communities in 17 states for a total of more 18,500 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartners.com.