LOUIS — April 28, 2022 — Berkadia announced today the sale of The Saint Louis Five, a five-property multifamily portfolio consisting of 716 total units in Missouri and Illinois. Managing Directors Andrea Kendrick and Ken Aston and Director Bobby Mills of Berkadia St. Louis completed the sale on behalf of the seller, Missouri-based Baumann Property Company Inc. The buyer was New York-based David Stern Management.
“All five assets were long-term holds by the seller that had been very well managed and maintained and also featured occupancy at or near 100% across the portfolio,” said Kendrick. “The purchase provided the buyer immediate scale in the St. Louis MSA and a value-add opportunity with unit upgrades, organic rent growth and the option to implement a utility billing system.”
The properties in this portfolio include:
Norwood Court Redfield Apartments is a 360-unit garden-style multifamily property located at 7217 Woodstead Court in St. Louis, Missouri. The property features one-, two- and three-bedroom floor plans with walk-in closets and private balconies or patios. The property affords residents convenient access to the Norwood Hills Country Club, University of Missouri – St. Louis, St. Louis Lambert International Airport and the shops and restaurants near Dwight D. Eisenhower Highway.
Chesapeake Apartments is a 24-unit garden-style multifamily property located at 202 Chesapeake Drive in Marion, Illinois. The property features two-bedroom floor plans. The property affords residents convenient access to Crab Orchard National Wildlife Refuge, Heartland Regional Medical Center and the shops and restaurants near Route 13.
Delrado Apartments is a 120-unit garden-style multifamily property located at 680 Mescalero Court in Florissant, Missouri. The property features one- and two-bedroom floor plans. Community amenities include a swimming pool, a courtyard, a playground and laundry facilities. The property affords residents convenient access to Saint Louis Lambert International Airport, Florissant Golf Club and the shops and restaurants near Route 67.
Senate Square is a 100-unit multifamily property located at 1921 Sidney St. in St. Louis, Missouri. The property features one-, two- and three-bedroom floor plans with walk-in closets and vaulted ceilings. The property affords residents convenient access to Saint Louis University, Forest Park, downtown St. Louis CBD and the shops and restaurants near Interstate 55 and Rote 30.
Caroline Place Apartments is a 112-unit garden-style multifamily property located at 2729 Park Ave. in St. Louis, Missouri. The property features one- and two-bedroom floor plans.
Community amenities include laundry facilities. The property affords residents convenient access to SSM Health Saint Louis University Hospital, Saint Louis University and the shops and restaurants near Interstate 44 and Route 100.
Berkadia Arranges Sale of 716-Unit Multifamily Portfolio in Missouri, Illinois | REBusiness Online