BRT Apartments, a REIT that owns and operates multifamily properties, recently purchased three luxury communities totaling 335 units in St. Louis. The REIT acquired the assets through joint ventures for the combined purchase price of $74.6 million. The deal included $55.2 million of mortgage financing, which was arranged by Meridian Capital Group.
Located at 10362 Old Olive Street Road, Vanguard Heights consists of 174 units with one-, two- and three-bedroom floor plans ranging in size from 651 to 1,509 square feet. Community amenities include controlled access, fitness center, clubhouse, swimming pool and 330 parking stalls. The mid-rise property is situated within the Creve Coeur neighborhood, in between Interstates 270 and 170.
The recently constructed 128-unit Tower at OPOP is located at 411 North 8th St. The 25-story luxury community offers one-bedroom units and two-bedroom penthouses. Property amenities include controlled access, business center, fitness center and clubhouse. The residential asset traded for $27 million, according to Yardi Matrix data. The transaction was subject to a $20 million 10-year loan held by Citibank.
Located at 911 Locust St., near The Tower at OPOP, The Lofts at OPOP offer 53 units with one-, two- and three-bedroom floor plans ranging in size from 833 to 2,195 square feet. The multifamily loft building is minutes away from the St. Louis Convention Center and Busch Stadium. The Tower and The Lofts at OPOP were purchased with Strategic Properties of North America.
“These properties are among the highest quality in our portfolio and have a strong resident profile. Our pipeline remains very active and we look forward to adding additional properties of this caliber throughout the year as we continue to scale our multifamily platform,” Jeffrey Gould, president & CEO of BRT Realty Trust, said.
Images courtesy of Yardi Matrix