ST. LOUIS-The 388-unit Heritage Estates apartment complex has traded hands between a limited partnership to a limited liability corporation. Heritage Estates I LP and Heritage Estates Associates Phase II recently sold the property to Heritage Equities LLP for $18.7 million. The property is 95% occupied.
Ken Aston, a partner at Hendricks & Partners, negotiated the transaction. He says the owners had sold the property after they developed it in 1980 to CRI, based in Rockville, MD, but bought it back in 1997. "The partnership is winding down, they decided they wanted to get rid of this property," he says.
The complex consists of 24 garden-style rental buildings, a clubhouse and maintenance garage, as well as a swimming pool and lighted tennis court. Rent at the complex, which includes 194 one-bedroom units and 194 two-bedroom units, averages $583 per month, with some Section 8 housing included.
Aston says the property is in very good condition, and the new owners plan to update the kitchens in the units. "The South St. Louis County area is a pure infill market. It's also less than half a mile from Grant's Farm, the residential estate of the Anheiser-Busch family and the site of Ulysses S. Grant's home," he says.
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