Ken Aston with Hendricks & Partners represented both partiesin the transaction. "The buyers saw the purchase as a value-addopportunity," he tells GlobeSt.com. The property is about 86%occupied. Rents range from $440 to $930 per month, and amenitiesinclude fireplaces, dens, outdoor and indoor swimming pools,laundry facilities in each building and a fitness center.
The apartment market has been soaring lately, mostly because ofthe economy and the housing market slide, Aston says. "I saw thiscoming three years ago," he says. "Typically when the economystruggles, the apartment market performs well. In St. Louis, we'reseeing diminishing concessions and increased rents. We'reforecasting that rents will keep going up for the next 24months."
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