5-Building St. Louis Community Changes Hands
- Feb 05, 2019
National Real Estate Management has acquired Tuscany Village, a 104-unit Class C community in St. Louis, from Lexington Partners, according to Yardi Matrix. Lexington had acquired the asset in May 2014 for $2.8 million, roughly six months after Citibank had foreclosed on a $3.9 million loan taken by the previous owner, a private investor.
Located at 2537 El Paulo Court in the Mehlville – South submarket, the community’s five two-story buildings are a stone’s throw from the Telegraph Road retail corridor, 13 miles south of downtown St. Louis. Interstate 255 is less than a mile away, and a bus route linking the area directly to the central business district is a five-minute walk north.
Tuscany Village was built in 1972 and contains one- and two-bedroom units ranging between 700 and 830 square feet. Lexington Partners renovated the property’s apartments. Community amenities include five laundry facilities, a swimming pool and more than 100 parking spaces. As of December 2018, the asset was 96.2 percent occupied, per Yardi Matrix data.
In late 2018, Shore to Shore Properties sold a 318-unit Class C multifamily asset in Florissant, Mo., roughly 20 miles from Tuscany Village. Grandbridge Real Estate Capital provided $13 million in acquisition financing to the buyer.
Image courtesy of Yardi Matrix