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Berkadia Negotiates 112-Unit MF Sale in St. Louis
Berkadia brokered the sale of The Knolls, a 112-unit, townhome-style multifamily property in St. Louis, Missouri. Managing Directors Andrea Kendrick and Ken Aston, and Senior Director Bobby Mills of Berkadia St. Louis led the transaction on behalf of the seller, Colorado-based Monarch Investment and Management Group.
“This sale marked the buyer’s expansion in St. Louis with continued investment in the north county submarket where rent growth is expected to exceed the St. Louis MSA average,” said Kendrick. “The Knolls was very well-maintained and occupied during Monarch’s eleven-year ownership, but the units had not been renovated, presenting an excellent value-add opportunity for the buyer.”
The Knolls sold for an undisclosed price to New Jersey-based MAS Capital Group, LLC. on September 6. The property was 97 percent occupied at the time of the sale. The Knolls was built in 1970 and features 112 units with one of the largest unit sizes in the St. Louis MSA, averaging 1,493 square feet).
