L5 Investments in partnership with BH Equities has acquired Schoettler Village Apartments, a 300-unit apartment community in Chesterfield, Missouri, a submarket of St. Louis.

The new ownership is planning to embark on an $8.4 million capital improvement program over the next three years to make necessary improvements to meet the demand of area renters.

Built in 1978 and located at 15480 Elk Ridge Lane, the property is situated on just more than 26 acres and includes 46 three-story buildings with a unit mix of 255 two-bedroom units and 45 three-bedroom units. The community features a business center, resort-style pool, clubhouse, fitness center, fenced dog park, playground, and grill and picnic areas.

The renovation plan includes upgrading unit interiors with new high-end flooring, lighting and appliances as well as the installation of washer/dryers in 180 units that don’t already have this amenity. Exterior upgrades will include improvements to carports, landscaping, pool area and a number of other cosmetic and systems enhancements to create a functional and high-quality living community.

Andrea Kendrick and Ken Aston of Berkadia brokered the transaction on behalf of both the buyer and the seller in an off-market transaction.