CHESTERFIELD, MO-Village Apartments LLC has sold the 252-unit Village Green apartments to Mills Village Green LLC for more than $20 million. The companies, both based in St. Louis, each control more than 5,000 apartment units in various partnerships.

Ken Aston, a partner at Hendricks & Partners, represented the buyer and seller. He says the seller had owned the 35-year-old property for many years, and wanted to redeploy capital into other assets. "The buyer is going to update the property to add value, such as kitchens and baths and some exterior work," Aston tells GlobeSt.com. "This is clearly one of the top submarkets in all of St. Louis, it's a very high-end, upper-income neighborhood. We had 10 offers for the property during a 90-day marketing period. It's also directly across the street from the new 310,000-sf Town & Country lifestyle mall, which is going to include a Target and a Whole Foods."

The property consists of 15 three-story buildings, with one-, two- and three-bedroom units on 22 acres. Amenities include a clubhouse, indoor and outdoor pools, a tennis court, and units with walk-in closets. The property is 94% occupied, Aston says. Rents range from $675 to $1,005 per month.