Job Growth Brings MF Investors to St. Louis

The new owners of Schoettler Village plan to embark on an $8.4 million capital improvement program over the next three years.

ST. LOUIS—Multifamily investors typically look for properties located in rising office markets, and the suburbs of St. Louis definitely qualify. L5 Investments and its partner BH Equities are set to pour millions into the renovation of their newly-acquired Schoettler Village Apartments, a 300-unit apartment community in Chesterfield, MO, a top submarket in the region. The owners plan to embark on an $8.4 million capital improvement program over the next three years that will satisfy the demand of local renters seeking quality apartments.

Built in 1978 and located at 15480 Elk Ridge Ln., the property sits on just over 26 acres and includes 46, three-story buildings with a unit mix of 255 two-bedroom units and 45 three-bedroom units. The community features a business center, resort-style pool, clubhouse, fitness center, fenced dog park, playground, and grill and picnic areas.