Marcus & Millichap retains listing for multi-family property near St. Louis
July 20, 2010 | Staff Writer | Print Article | Email this Article
Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Longacre Ponds, a 252-unit 257,520-square-foot multi-family property in Fairview, Ill. The listing price of $23 million represents $94,246 per unit and $92 per square foot.
Scott Harris, a senior vice president of investments and senior director of the firm’s National Multi-Housing Group, and Kyle Shoemaker, a multi-family investment specialist, both in Oak Brook, Ill., are representing the seller.
“Longacre Ponds presents an investor with a rare opportunity to acquire a newly constructed, high-quality apartment property in a proven market with stabilized operations and excellent return on investment potential,” says Harris. “Given the current positive long-term outlook for multifamily performance and this property’s proven operations, an investor should be able to achieve solid returns for the foreseeable future.”
“Another important aspect of this listing is the property’s assumable debt,” adds Shoemaker. “The loan was placed in April of this year, has a 5.68 percent interest rate and represents a 75 percent loan-to-value.”
Fairview Heights, a suburb of St. Louis, is one of the premier communities in southwest Illinois.
Longacre Ponds was constructed in 2006 and reached more than 95 percent occupancy in 2009.
The property features units with washers and dryers, open-kitchen floor plans, a picnic area, pool and community room. The unit mix consists of 60 one-bedroom units with 700 square feet of living area, 156 two-bedroom/two-bath units with 1,085 square feet of living area and 36 three-bedroom/two-bath units with 1,285 square feet of living area.
Tags | Fairview, Illinois, Marcus & Millichap, mult-family, St. Louis
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