- Upside of $200-$300/unit by modernizing vintage condo finishes across the collection
- Attractive assumable debt available
- Vintage condo-quality lofts with expansive floor plans and full amenities
- Mixed-used assets with occupied commercial stalls
- Exceptional basis especially compared to comparable condo sales
- Exceptional downtown live-work-play location with easy interstate access
- Over $4 billion in recent, ongoing, and planned development projects in the downtown area
- Control of the condo associations at Bogen and Ventana lofts
Located along the highly walkable half-mile stretch of Washington Avenue, the Collection consists of vintage condominium assets all of which offer a compelling value-add story. Assets within the Located along the highly walkable half-mile stretch of Washington Avenue, the Collection consists of vintage condominium assets all of which offer a compelling value-add story. Assets within the collection include Bogen Lofts (115 Units) and Ventana Lofts (57 Units) which are both HOA controlled mixed-use condominium communities, as well as Vangard Lofts (82 Units) and Copia Lofts (5 Units), two traditional mix-use multifamily assets.
This urban location is filled with loft apartments, office suites, restaurants, boutiques, and nightclubs, Washington Avenue is a true live-work-play environment in one of Downtown St. Louis’ most desirable and highly walkable locations.
The Collection is incredibly well-maintained, offers a vintage condo-quality living experience, and is primed for value-add implementation.
UPSIDE OF $200-$300/UNIT BY MODERNIZING VINTAGE CONDO FINISHES ACROSS THE COLLECTION
With light upgrades to the 15 plus year-old existing finish package, including solid surface countertops, upgraded cabinets and appliances, and new fixtures throughout, Bogen Lofts and Ventana Lofts can achieve rent upside above current in-place average rents of $250/unit and $300/unit respectively. At Vangard and Copia Lofts similar upgrades along with new flooring throughout will be able to achieve rental increases of $300/unit/month and $200/unit/month, above-average in-place, respectively.
ATTRACTIVE HIGH LEVERAGE ASSUMABLE DEBT AVAILABLE
Bogen Lofts and Vangard Lofts are being offered with the option of acquiring the assets with the existing Freddie Mac (Bogen Lofts) and HUD (Vangard Lofts) financing in-place. The existing debt offers favorable in-place debt proceeds.
In addition, these assets can be acquired free and clear allowing for flexible financing options across the entirety of the Collection.
