Amber Court / 86 UNITS
Spencer Creek / 240 UNITS
86 UNITS | BUILT 1987
240 UNITS | BUILT 1976
232 Amber Crest Dr | O'Fallon, MO 63366
304 Donner Pass | St Peters, MO 63376
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30+ Years of Continuous Ownership
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
101 S. Hanley Road, Suite 550 St. Louis, MO 63105 Phone: 314.984.5500
Fax: 314.498.5501
Investment Sales
ST. LOUIS OFFICE
CONTACT Info
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Mortgage Bankers
PAT GARLICH
Director
314.984.5536 pat.garlich@berkadia.com
KEN ASTON
Managing Director
314.984.5590 ken.aston@berkadia.com
MO# 00248076
ANDREA KENDRICK
Managing Director
314.984.5591 andrea.kendrick@berkadia.com
MO# 2007030450
KEVIN KOZMINSKE
Senior Managing Director 314.984.5514 kevin.kozminske@berkadia.com
PROPERTY FEATURES
On-Site Laundry Facilities
Plenty of Convenient, On-Site Parking
Lushly Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Flowering Plants
Close to Parks, Schools, Stores, and Restaurants
Convenient Access to Interstate 70, State Route 79, Saint Charles Community College, St. Louis Lambert International Airport, and Downtown St. Louis
*In Select Units
Community Amenities
232 Amber Crest Dr O'Fallon, MO 63366
Amber Court
Spencer Creek
Amber Court
Amber Court
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Berkadia is pleased to present the exclusive multifamily offering of Amber Court and Spencer Creek, a 326-unit package, located in St. Charles County. This is a rare opportunity to purchase a portfolio of stabilized communities with LONG-TERM FAMILY OWNERSHIP. Both properties have been under the same ownership and self-managed for more than 30 years providing an investor with immediate operational upside.
Spencer Creek is located in St. Peters and was built in 1976. It features 240 total garden-style units with an equal mix of one- and two-bedroom units.
Amber Court is located in O’Fallon and includes 86 studios, one- and two-bedroom units. Amber Court is a Cardinal Industries product whereby they are one-story buildings with prefabricated materials and assembled onsite.
LONG-TERM (30+ YEARS) CONTINUOUS OWNERSHIP
304 Donner Pass St Peters, MO 63376
Spencer Creek
Spencer Creek
Amber Court & Spencer Creek
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BOBBY MILLS
Senior Director
314.984.5505 bobby.mills@berkadia.com
MO # 2016004086
Substantial Mark-to-Market Upside
Immediate Value-Add Opportunity with Interior Renovations
Historically Strong Occupancy 95%+
Located in Fastest Growing Submarket of St. Louis MSA
AAA-Rated School Districts
Properties Offered Individually or as a Package
Offered Free & Clear of Debt
Amber Court and Spencer Creek have been very well maintained and experienced historically strong occupancy averaging ~95%+. Neither property has undergone a significant value-add renovation, but a selection of units have been updated in recent years. Current ownership has updated 10% of units at Amber Court and 3% of units at Spencer Creek. Unit updates included a mix of new flooring, lighting, appliances, and water heaters. The properties have also had exterior improvements including a mix of new roofs, siding, gutters, fascia, and decks since 2018.
VALUE-ADD OPPORTUNITY & RECENT CAPITAL EXPENDITURES
A new investor has the opportunity to fully-renovated units at Amber Court and Spencer Creek with the potential to significantly increase market rents.
Amber Court’s one-bedroom average in-place rents are $640, which is $375 below the average one-bedroom comparable units. The two-bedroom’s in-place rents are $450 below average two-bedroom comparable units.
Spencer Creek’s one-bedroom average in-place rents are $740, which is $400 below the average one-bedroom comparable units. The two-bedroom’s in-place rents are $820, which is $530 below average comparable units.
SUBSTANTIAL MARK-TO-MARKET UPSIDE
Amber Court and Spencer Creek are both located in St. Charles County which is the fastest growing county in the State of Missouri for over three decades.
GOLDEN TRIANGLE LOCATION
Lowest unemployment rate in the St. Louis bi-state area
Home to multinational companies including General Motors, Citi, MasterCard Worldwide, and Boeing
Ranked among top 25 counties in the U.S. in high-tech job growth by the Progressive Policy Institute
Home to Lindenwood University, ranked #7 Best College in Missouri
Amber Court is located in the City of O’Fallon, which Money magazine ranks #24 on their America’s Top 100 “100 Best Places to Live” for its rich history, proximity to local outdoor activities, and its family-friendly feel. O’Fallon has also been listed as #52 on the “Top 101 Safest Cities in America” by SafeHome.org. Spencer Creek’s location is just as prestigious in the City St. Peters which ranked #3 on ChamberofCommerce.org’s “Best Places to Live” in State of Missouri.
The properties can be purchased individually or as a package and each is being offered free and clear of any debt.
Please do not disturb onsite management. All property tours must be scheduled through Berkadia.
FINANCING & TOURS
Property Description
# of total units: 86 Distance from city’s center: 1 mile north of the city’s center (O'Fallon) and 34 miles NW of Downtown St. Louis Year built: 1987 # of total buildings: 12 # of stories/floors in each building: one story Building Construction: Cardinal Industries Roof type: Mansard-style roofs with slight pitch on top Acres of land: 5.88 acres Density: 14.80 units per acre Major street exposure: Tom Ginnever Ave
Unit Mix
16 studio units measuring 288 square feet each
65 one-bedroom units measuring 575 square feet each
5 two-bedroom units measuring 864 square feet
Average unit size of 539 square feet
Mini Blinds
Large Windows
Private Patio
Private Entry
Washer / Dryer Connections in One and Two Bedroom Units
Air Conditioning / Heating, Cable TV Ready, and High-Speed Internet Access
Unit Amenities
Swimming Pool with Sundeck
Community Room
Laundry Facilities
Covered Community Mailbox Area
Plenty of Convenient, On
Site Parking
Controlled Access
Lushly Landscaped with Manicured Grass, Mature Trees, and Trimmed Shrubs
Within Walking Distance of Covenant Park, Spencer Walking Trail, Stores, and Restaurants
Convenient Access to Interstate 70, State Routes 94 and 364, Lindenwood University, St. Charles
Community College, St. Louis Lambert International Airport, and Downtown St. Louis
# of total units: 240 Distance from city’s center: 4 miles SE of city’s center (St Peters) and 27 miles NW of Downtown St. Louis Year built: 1976 # of total buildings: 15 # of stories/floors in each building: two story Building materials: masonry Exterior building materials: brick and siding Roof type: mansard-stye / flat roofs with shingled overhangs Acres of land: 9.74 acres Density: 24.64 units per acre Major street exposure: Jungermann Rd
121 one-bedroom units measuring 720 square feet each
119 two-bedroom units measuring 860 square feet each
Average unit size of 790 square feet
*In Select Units
Community Amenities
Kitchen with Refrigerator, Electric Stove, Dishwasher, Dining Area, Pantry, and Plenty of Counter and Cabinet Space
Full Size Bathroom with Tub and Shower Combination
Plush Carpeting, Wood-Style Flooring, and Mini / Vertical Blinds
Walk-In Closet
Semi-Private Entry
Patio / Balcony with Sliding Glass Doors
Air Conditioning / Heating, Satellite TV Available, and High-Speed Internet Access
Unit Amenities
Property Description
Unit Mix
304 Donner Pass St Peters, MO 63376
Spencer Creek
CORTNEY MAULDIN
Managing Director
314.322.3463 cortney.mauldin@berkadia.com
