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MissouriMultifamily

Berkadia closes sale of 128-unit apartment community in St. Louis

February 12, 2021
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Berkadia arranged the sale and financing of Turtle Creek, a 128-unit Class-A multifamily asset in St. Louis, Missouri.

Managing director Ken Aston and senior director Andrea Kendrick of Berkadia’s St. Louis office arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group, LLC. Senior managing director Mitch Sinberg and associate director Matthew Robbins of Berkadia’s Boca Raton office secured $18.9 million in financing on behalf of the buyer, RM Communities.

Berkadia originated and Freddie Mac purchased the 10-year, fixed rate Green Up loan with 5 years IO.

The buyer, RM Communities, is the direct-acquisition arm of RealtyMogul, one of the top online real estate investing platforms with 200,000+ investors across a $2.8 billion portfolio.

Built in 2018, Turtle Creek is located at 201 Turtle Drive. Two-bedroom units include granite countertops, an island kitchen, stainless steel appliances, hardwood floors, walk-in closets and washer/dryer. Community amenities feature a swimming pool, clubhouse, storage space grill and dog walking park.

Located in the St. Louis suburb of Fenton, the community is located along Highway 141, bringing residents within a 30-minute drive of Downtown St. Louis.

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