This is true, and the apartment buildings are the highlight of this neighborhood, as well as some of the most exclusive streets in the entire city: Kingsbury Square,Washington Terrace and Waterman Place.
The neighborhood has a highly desireable location as well. There is a Metrolink station that is the best stop in town in that it's the split between the red and blue line. You can get on the Skinker/Debaliviere stop and head north all the way to Lambert Airport via UMSL or southwest to Shrewsbury via Clayton or east all the way to Scott Air Force Base via Downtown St. Louis. Not only is the public transit excellent, the central location is as well. Think about it, a short walk/drive down Delmar and you're in the East Loop and University City Loop, Washington University's main campus in within a reasonable walk/ride, the Central West End is within eye-shot. Barnes-Jewish (city's largest employer) is a stone's throw from Debaliviere Place. Forest Park to the immediate south, man this place has it all.
I am a huge fan of the high rise and mid-level apartment complexes and condos in this neighborhood. Here are some of my favorites:
They don't build em like they used to:
I have mourned the loss of Velocity Cafe right at Pershing and DeBaliviere:
The entry gates on Union are works of art:
^It's like listening to Husker Du and then a Thompson Twins song comes on...
The Westminster Presbyterian Church on Delmar/Union:
Crossroads College Preparatory School campus right on DeBaliviere: