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Marcus & Millichap Finalizes Multifamily Deal in St. Louis Suburb
Marcus & Millichp closed the sale of Heritage Townhomes, a 40-unit apartment property located in Wentzville, MO, a St. Louis suburb. The asset sold for $5,000,000.
Ben Margalski and Aaron Kuroiwa, investment specialists in Marcus & Millichap’s St. Louis and Indianapolis offices, marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Margalski and Kuroiwa. Dave Saverin, Missouri broker of record, assisted in closing this transaction.
Heritage Townhomes is located at 601 Scotti Ln. in Wentzville. “The seller had acquired the property in October of 2019, and they improved the property with new flooring, kitchen appliances, and updated bathrooms,” said Margalski. “These updates resulted in a $200 per unit average rent increase in just over three years. We fielded nine offers, nine tours, and the selected buyer was fulfilling their 1031 exchange.”
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- ◦Sale/Acquisition
