Berkadia recently closed the sale and financing of a six-property portfolio in St. Louis County, Missouri. The 2,000-unit portfolio sold for nearly $180 million, making it the largest multifamily deal in the history of the St. Louis market.
Berkadia’s senior director Andrea Kendrick and managing director Ken Aston completed the sale on behalf of the seller, New Jersey-based GEM Property Management. Senior managing director Peter Benedetto arranged the financing on behalf of the buyer, Monarch Investment and Management Group, based in Colorado.
The Midwest Metropolitan multifamily portfolio includes:
Canyon Creek – St. Louis, Missouri (320 units)
Forest Woods – Valley Park, Missouri (260 units)
Southwoods – St. Louis, Missouri (256 units)
Heritage Estates – St. Louis, Missouri (388 units)
Villages at General Grant – St. Louis, Missouri (550 units)
Village Royale – St. Louis, Missouri (196 units)
Joe Harms and Legal Assistant Julie Irvin of Salivar & Harms LLP acted as legal counsel for all sellers.
Each of the assets are garden-style, multifamily properties with amenity packages, AAA-rated school districts and located near major area employment centers with a historical average occupancy exceeding 96 percent.
