Berkadia Negotiates Sale for Multifamily Property in Park Hills, Missouri
PARK HILLS, MO – JANUARY 21, 2022 – Berkadia announced today the sale of Park Hills Portfolio, a 272-unit, garden-style multifamily housing property in Park Hills, Missouri. Senior Director Andrea Kendrick, Managing Director Ken Aston and Director Bobby Mills of Berkadia St. Louis Investment Sales led the transaction on behalf of the Missouri-based seller. The deal closed on December 30.
Park Hills Portfolio sold to Florida-based Green Forest Capital. The property was 97 percent occupied at the time of the sale.
“The Park Hills Portfolio was built and self-managed by the original developer,” said Kendrick. “It was a great value-add opportunity for the buyer by implementing utility bill-backs as well as unit and amenity improvements. We continue to see strong demand for workforce housing.”
The Park Hills Portfolio was built in phases beginning in 1994 and completed in 2017. It features 272-units across three properties. Nearby amenities include St. Joe State Park, Southeast Missouri State University, and convenient access to Hwy 67.