North County Apartment Complex Sells for $28.5 Million | St. Louis Business Journal
ST. LOUIS – October 24, 2016 – Berkadia announced today the sale and financing of Madison at Aspen Woods, a multifamily property located in St. Louis. Berkadia’s Senior Director Michael Duggan handled the financing while Director Andrea Kendrick represented the seller in the transaction.
As one of the nation’s leading Fannie Mae DUS lenders, Berkadia provided the buyer a fixed-rate 10-year loan with a 30-year amortization.
“This was an excellent value-add opportunity for the buyer through renovating unit interiors and an amenity package upgrade,” said Kendrick. “By helping secure the financing, in addition to negotiating the sale, the Berkadia team was able to offer a high level of full-suite services.”
Madison at Aspen Woods is a 452-unit complex that features a 50/50 mix of large townhomes and garden style units with fully equipped kitchens and washer/dryer connection in select units. Community amenities include a pool, landscaped courtyard, tennis court and a playground. Madison at Aspen Woods was 96 percent occupied at the time of sale.