Maxus Realty Sells 486-Unit Property in Suburban St. Louis
A New York-based private investor purchased the 21-building asset in St. Charles.
The Villages at Bogey Hills
Maxus Realty Trust has sold The Villages at Bogey Hills, a 486-unit community in St. Charles, Mo. The deal marks the buyer’s—a New York-based private investor—first foray in the market. According to Yardi Matrix data, Maxus acquired the property in 2011 from DWS for $30.1 million.
Located at 2200 Lake Court on approximately 28 acres, the community is just off Interstate 70. The surrounding area has several retail and dining options, including Bogey Hills Plaza, which is within walking distance of the asset. The community is also some 12 miles from an $80 million mixed-use development in Chesterfield, Mo.
Completed in 1985, The Villages at Bogey Hills consists of studio, one-, two- and three-bedroom units, with private patios or balconies. Common-area amenities include a swimming pool, fitness center, playground, dog park and business center.
Berkadia Senior Director Andrea Kendrick and Managing Director Ken Aston represented the seller in the deal. According to Kendrick, occupancy at the 21-building asset averaged 97 percent over the past 18 months.
