- Trophy-quality asset in the prestigious Central West End neighborhood of St. Louis
- Over $200/month in rent upside after unit, amenity, and common area upgrades
- Located in the heart of the Central West End – a truly irreplaceable A+ location
- Walkable to the food/beverage/entertainment epicenter of St. Louis
- Surrounded by new Class-A multifamily construction
- Offered Free and Clear of Existing Debt
Historically renovated asset with significant future upside
The Carleton Apartments is a charming, turn-of-the-century building that was painstakingly restored in 2005 by a first-class historic redeveloper. The Carleton presents the opportunity to continue the redevelopment and take the finishes to the next level – to match the Class A+ new construction that has filled the Central West End over the past 15 years. With additional investment in the units, common areas, and building amenities, there is an opportunity to push rents over $200/month and still be significantly below the surrounding competing properties.
Significant additional upside in fee/other income
The current ownership group is providing cable, internet, water, sewer, and trash at no charge to the tenants. There is an opportunity to boost fee/other income significantly through a $50+/month flat fee for water/sewer/trash, the elimination of free cable/internet, and an increase to the monthly on-site parking fee to $125/month (in-line with charges at other surrounding properties). Reimbursements and billbacks are commonplace in the submarket and already in place at comparable properties.
The Central West End – a truly irreplaceable location
The Cetntral West End is the heart and soul of the city of St. Louis. Home to the Barnes Jewish Hospital Campus, Washington University Medical School, St. Louis College of Pharmacy, Shriner’s Children’s Hospital, The Chase Park Plaza Hotel, Whole Foods, Straub’s Fine Grocers, countless restaurants and bars, and the best retail shopping in St. Louis, the Central West End is the only truly walkable live-work-play neighborhood in St. Louis. Home to the highest rents in the entire state of Missouri and the highest concentration of new Class-A multifamily construction projects in the St. Louis MSA, the neighborhood is truly unique, and the location of The Carleton is truly irreplaceable.
