ST. LOUIS and CHICAGO – June 20, 2018 – Berkadia today announced the sale and financing of Schoettler Village Apartments, a 300-unit garden-style multifamily property in Chesterfield, Missouri. Senior Director Andrea Kendrick and Managing Director Ken Aston of Berkadia’s St. Louis office completed the sale on behalf of the seller, Missouri-based Maxus Properties, and the buyer, a partnership between Iowa-based BH Equities and California-based L5.
Managing Director Laura Cathlina of Berkadia’s Chicago office utilized Berkadia’s balance sheet to secure the acquisition financing for BH Equities/L5. The deal closed on May 25.
“The sale of Schoettler Village was an excellent opportunity for BH Equities/L5 to expand their holdings in the West County-Chesterfield submarket and add value to the existing property with planned unit renovations,” said Kendrick. “Chesterfield is a high barrier to entry market, having no new apartment deliveries in the last 31 years except for one currently scheduled to open in September.”
“Berkadia’s unique platform provided a significant amount of optionality for BH Equities/L5 to acquire the asset and execute on their business plan,” said Cathlina. “With interest rates continuing to rise, the ability to tap into our resources while working seamlessly with our investment sales team members was really a value-add for both our clients.”
Located at 15480 Elk Ridge Lane, Schoettler Village features two- and three-bedroom floorplans with fully equipped kitchens, walk-in closets and private patios and balconies. Select units also feature a fireplace. Residents can enjoy community amenities such as a resort-style pool with a sun deck, a business center and a fitness center. The property affords convenient access to downtown St. Louis, which is 20 miles east.