- Longstanding Owner-Operator (36+ years)
- Demonstrated Value-Add Upside in the Submarket
- 600+ Units Provides Ability to Obtain Immediate Economies of Scale
- Attractive Basis Given Property Condition and Strong Occupancy
- Offered Free and Clear of Existing Debt
- Strong North County Location Near Dynamic Demand Drivers
Current ownership has owned and managed the asset for over 36 years. The owner-operator has spent approximately $600,000 in capital improvements in recent years, with much of the capital outlay focused on asset preservation – allowing the next owner to transition toward more revenue-generating expenditures.
Demonstrated Value-Add in the Submarket
Located less than 1 mile from Lucas Hunt Village is Legends at Pasadena Hills. Legends at Pasadena Hills has successfully proven a value-add strategy in the submarket after ground, amenity, and unit upgrades. Further demonstrating the viability of rent upside, both Norwood Court Apartments and Springwood Apartments have executed interior upgrades in the same submarket. By completing unit upgrades with similar finishes, Lucas Hunt Village will achieve the proven rents at Legends of Pasadena Hills and Springwood.
With these upgraded comparable properties achieving average rental rates of nearly $150 per month higher than the in-place rents at Lucas Hunt Village, there is a clear path for new ownership to increase rents through strategic unit interior renovations.
600+ Units Provides Ability to Obtain Immediate Economies of Scale
This offering provides an investor new to the St. Louis MSA a rare opportunity to obtain an immediate and significant foothold with a single transaction – or to add efficiencies for existing owners – all while generating ideal economies of scale and maximum operating efficiencies within a single property.