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ST. LOUIS-In a move to liquidate the last property in what had been a several-thousand-unit portfolio, Bingham Farms, MI-based Sierra Vista LLC has sold Oak Park Village apartments to local investors Andrew Katzman and David Kantrovitz, sources say. The 758-unit complex at 11185 Sierra Vista Pkwy. sold for more than $18 million, at a cap rate of 10.2%, sources say. The asking price for the building was more than $20 million.

Ken Aston with Hendricks & Partners represented both parties in the transaction. “The buyers saw the purchase as a value-add opportunity,” he tells GlobeSt.com. The property is about 86% occupied. Rents range from $440 to $930 per month, and amenities include 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 of the economy and the housing market slide, Aston says. “I saw this coming three years ago,” he says. “Typically when the economy struggles, the apartment market performs well. In St. Louis, we’re seeing diminishing concessions and increased rents. We’re forecasting that rents will keep going up for the next 24 months.”

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