HFF Leads Sale of 480-Unit St. Louis Community
A joint venture between Covenant Capital Group and Bell Partners sold the 36-building community to an L.A.-based firm.
Chicago—HFF has closed the sale of the 480-unit Oxford Hills Apartments in St. Louis on behalf of Covenant Capital Group and Bell Partners Inc. Los Angeles-based Aragon Holdings LLC purchased the property, but the selling price was not disclosed.
The 26.3-acre Oxford Hills Apartments includes 36 buildings offering one-, two- and three-bedroom units averaging 953 square feet. The community is located at 10304 Oxford Hill Drive, adjacent to Creve Coeur and Lindbergh Boulevard/State Highway 67. The property is also 7.5 miles south of the Lambert-St. Louis International Airport.
Community amenities include an outdoor and indoor swimming pool, fitness center, lighted tennis courts, clubhouse with cyber cafe, dog park, playground and detached garages.
HFF managing directors Sean Forgarty and Marty O’Connell, along with Associate Director Wick Kirby, led the investment sales team that represented the seller.
Originally build in the 1970s, the community has a 2016 appraised value of $7 million and was last sold in 2007 for $34.5 million, the St. Louis Business Journal reported.
Covenant Capital is a Nashville, Tenn.-based real estate private equity firm and Bell Partners is a Greensboro, N.C.-based privately held apartment investment and management company.
Bell Partners is keeping busy this month, with its acquisition of a 357-unit community in Austin just prior to this transaction and its purchase of a 189-unit community in Annapolis, Md. in June.