Terra Properties Nabs St. Louis-Area Community
The firm financed the acquisition of the 128-unit market-rate asset with a $510,000 Fannie Mae loan originated by Dougherty Mortgage.
Hathaway Village Apartments in Florissant, Mo.
Terra Properties has picked up Hathaway Village Apartments, a 128-unit market-rate community in the St. Louis suburb of Florissant, Mo. Dougherty Mortgage originated the acquisition financing for the multifamily transaction, a $510,000 Fannie Mae loan. The seller, Cornerstone Development, purchased the asset in 2011 from Lexington Partners for $3 million, according to Yardi Matrix.
Located at 11446 Latonka Trail, the community’s 12 two- and three-story buildings sit 15 miles from downtown St. Louis, accessible via Lewis and Clark Boulevard and Interstate 70. The property is a short walk from a bus route operated by the region’s public transportation system. A number of shopping and dining options operate in the area.
Hathaway Village contains a mix of one- and two-bedroom units, ranging in size from 812 to 854 square feet. Each apartment has a balcony. Community amenities include two laundry facilities and 175 on-site parking spaces.
Image courtesy of Yardi Matrix
