ST. LOUIS – July 14, 2016 – Berkadia today announced the recent sale and financing of two separate St. Louis multifamily transactions; a 778-unit portfolio of properties located throughout suburban St. Louis, as well as the 192-unit Le Coeur du Monde Apartments located at 2035 Clermont Crossing Drive. Director Andrea Kendrick and Managing Director Kenneth P. Aston, Jr. of the Saint Louis office facilitated the sales, and Senior Managing Director Pete Benedetto of the Detroit office and Senior Director Mike Duggan of the St. Louis office arranged financing for the portfolio and Le Coeur du Monde, respectively.
Properties in the St. Louis portfolio were built in 1987, and were, at a minimum, 95 percent occupied at the time of sale. Financing was secured through Fannie Mae on behalf of the borrower, Monarch Investment and Management Group LLC.
“This was a rare opportunity for the investor to enhance their current St. Louis holdings with a significant and well-established foothold in the St. Louis marketplace,” said Kendrick. “The properties are situated in prime locations, which have had long-term ownership for 25 years. It was an investment the buyer couldn’t let slip by.”
Built in 1988, Le Coeur du Monde, which was 100 percent occupied at the time of sale, offers one- and two-bedroom floor plans. The seller was BHI-SEI St. Louis LLC, and the buyer was Broadmoor Apartments of St. Joseph Limited Partnership, with whom Berkadia worked with earlier this year to sell Broadmoor Apartments, a portfolio of multifamily properties in Saint Joseph and Jefferson City, Missouri.
Units in all of the properties recently underwent interior renovations and offer tenants access private patios or balconies. Community amenities include swimming pools, fitness centers, business centers, and renovated clubhouse.
All properties afford convenient access to Interstate 270 and Route 364, and are located near Creve Coeur Lake, Westport Plaza, Hollywood Casino Amphitheater, Hollywood Casino St. Louis and Lambert—St. Louis International Airport. Top employers in the St. Louis market include Boeing, Centene Corporation, BJC HealthCare, Citi and MasterCard International.