Marcus & Millichap has arranged the sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, Mo., a suburb of St. Louis.
The $26.8 million sales price equates to $72,043 a unit.
Marcus & Millichap vice presidents of investments David Gaines and Alex Blagojevich arranged the sale, along with senior associate William Holman, Marcus & Millichap’s broker of record in Missouri.
Cedar Trace Apartments is located at 2000 McKelvey Hill Drive in Maryland Heights, 20 miles northwest of downtown St. Louis. Its proximity to Westport Plaza, West County Mall, Interstate-270 and the Bi-State bus line make it a convenient location for its residents.
Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854.
