Berkadia Leads Sale of 528-Unit St. Louis Community
Lipton Group sold the three-building Pheasant Run community, located near downtown St. Louis. The average rental rate was $882 as of May.
By Adina Marcut
Pheasant Run
After closing the $232 million sale of a luxury community in San Diego, Berkadia announced the sale of Pheasant Run, a 528-unit property located in Maryland Heights, Mo. Ken Aston, managing director and Andrea Kendrick, director of Berkadia’s St. Louis office, worked on behalf of the seller, Lipton Group.
Value-add potential
Located at 2050 Lakerun Court, adjacent to Creve Coeur Park, Pheasant Run offers convenient access to highways 70 and 270, Westport Plaza and downtown St. Louis. The community features one-, two- and three-bedroom units ranging from 675 to 1,800 square feet.
The two-, three- and five-story buildings includes amenities such as two pools, fitness center, two-level clubhouse, free Wi-Fi, indoor handball, volleyball and basketball courts, sauna, laundry facilities and a total of 795 parking spaces. The community is also pet friendly. According to Yardi Matrix, Pheasant Run’s average rental rate was $882 as of May.
“Pheasant Run had been owned by the seller for more than 25 years,” Kendrick, said in a statement. “The property was very well maintained, while also being an exceptional value-add opportunity for the buyer. The St. Louis Metropolitan area continues to see strong investor demand for multifamily housing.”
Image courtesy of Yardi Matrix
