ST. LOUIS, Mo., Dec. 02, 2024 (GLOBE NEWSWIRE) — Prelude Capital Management, LLC (“Prelude”), a global asset manager with current allocations in excess of $5 billion, has announced a significant new real estate transaction in Missouri.
The acquisition is of The Crossings at East Cherry, one of the largest luxury new-construction multifamily properties in Springfield, Missouri. Completed in 2023, the deluxe 216-home building includes high-end touches such as a residents’ pool and gym, as well as unique pet-friendly amenities like dedicated dog-runs and access to an adjacent pet-centric green space.
Springfield, the cultural and economic hub of the Ozark region, is also a Division I state university town of approximately a half million people (making it the third-largest metro area in the state). Springfield grew by 15,000 people between 2020 and 2023, the largest increase of any metro area in Missouri during that time.
Heading up Prelude’s real estate effort is a St. Louis native and graduate of Washington University School of Law, Michael Gallagher, who relocated back to St. Louis from NYC in 2023 to focus on the firm’s Midwest-centric real estate program. “It’s great to be back. We have the ability to go anywhere, but the Heartland is where we want to invest. We’re here for the long term,” said Mr. Gallagher.
Prelude has a constructive long-term view of the Midwest, including St. Louis, where the firm continues to add to its existing real estate footprint. Underpinning Prelude’s focus on the Midwest is a secular economic resurgence in the region – driven by a continued business reshoring trend, private sector employment strength, a relatively favorable tax framework and lower cost of living.
Media contact: media@preludecapital.com