Berkadia recently facilitated the sale of The Knolls, a 112-unit townhome-style multifamily property located in St. Louis, Missouri. The transaction was led by Managing Directors Andrea Kendrick and Ken Aston, along with Senior Director Bobby Mills from Berkadia’s St. Louis office on behalf of the seller, Monarch Investment and Management Group based in Colorado.
According to Kendrick, this sale signifies the buyer’s expansion into the St. Louis market and their continued investment in the north county submarket where rent growth is expected to surpass that of the overall St. Louis metropolitan area average. Despite being well-maintained and fully occupied during Monarch’s eleven-year ownership period, The Knolls’ units had not undergone renovations which presented an attractive value-add opportunity for potential buyers.
The undisclosed purchase price for The Knolls was negotiated with New Jersey-based MAS Capital Group LLC on September 6th when occupancy stood at an impressive 97%. Built in 1970, this property boasts one of largest unit sizes within its market averaging at approximately 1,493 square feet per unit.
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