Mills Properties recently sold the Victorian Village Apartments in St. Louis for $11.3 million to California-based investment firm, AndMark Investment Fund II, LLC.
Berkadia completed both the brokerage and financing for the multifamily property, which included a $7.9 million loan secured by Aaron Abelson, managing director with the firm, through Freddic Mac on behalf of the buyer.
The loan features a 10-year fixed-rate term of 3.9 percent and a 30-year amortization schedule.
Built in 1984, the 210-unit property offers two- and three-bedroom floor plans that include washer/dryers, storage closets and bay windows. The community features a swimming pool, sauna room, cardio fitness center, clubhouse and business center.
Victorian Village is located at 11969 Continental Drive and within close proximity to State Route 367 and major employers such as BJC Healthcare, Boeing Defense Space & Security, Washington University at St. Louis and Scott Air Force Base.
Senior Directors David Gaines and Alex Blagojevich, Director Michael Sullivan and Associate Director Patrick Sullivan, facilitated the sale.
Sullivan explained that as readily available financing and higher potential yields draw new investors to the market, buyer demand continues to outpace supply in the St. Louis area
“Assets with more than 150 units have had the strongest appeal to investors who are drawn to the Class B/C assets at initial yields that generally start in the low-to-mid-7 percent,” he said.