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.
© 2025 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.
Contact us
Ken Aston
Managing Director Phone: 314.984.5590 ken.aston@berkadia.com
Investment Advisors
ST. LOUIS OFFICE
101 s. hanley road, suite 550 st. louis, MO 63105 phone: 314.984.5500 | fax: 314.498.5501
LOCATION
45 Units
Cedar Lodge
824-832 Washington Ave
28 Units
Cherry Hill
744-748 Washington Ave
64 Units
Maple Manor
112 Manor C
Visit Doc Center
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
55 Units
Pine Meadows Ct
1101-1115 Washington Ave
Andrea Kendrick
Managing Director Phone: 314.984.5591 andrea.kendrick@berkadia.com
Bobby Mills
Senior Director Phone: 314.984.5505 bobby.mills@berkadia.com
Kevin Kozminske
Senior Managing Director Phone: 314.984.5514 kevin.kozminske@berkadia.com
Contact
Photo Gallery
The Portfolio
MENU
Terms of Use
Privacy
DOCUMENT CENTER
Executive Summary
investment highlights
Berkadia Manufactured Housing is pleased to present the IL-MN Portfolio consisting of 806 sites across four communities: Audubon MHP, Candle Light MHP, Decatur Estates, and Redwood MHC. The IL communities are well positioned in Pontiac, Springfield, and Davenport/Moline. Audubon in Minnesota features proximity to Fargo, ND. Additionally, Decatur Estates and Redwood MHC are only located about an hour and half away from each other, allowing for shared staffing or management, helping to reduce costly payroll expenses. In addition, Decatur, Candle Light, and Audubon all feature public water and sewer, further adding to the operational efficiencies. This portfolio also features immediate rental upside due to having an overall portfolio occupancy of 62%. The biggest infill opportunity comes from Candle Light MHP since there are 200+ sites that are vacant. If a new owner were to fill 25 sites in Year 1, ERI could increase by $151,000. Finally, Redwood MHC features 227 Storage Units on site, meaning a new owner is able to benefit from multiple revenue streams. The IL-MN portfolio offers investors the opportunity to acquire four communities near large markets and immediate rental upside.
EXECUTIVE SUMMARY
Visit Doc Center
4 PROPERTIES | 192 TOTAL UNITS
Diverse Property Mix / Strong Occupancy & Rental Demand
The Gallery Illinois Portfolio comprises of four multifamily properties, each offering a mix of unit sizes and layouts ranging from studios to three-bedroom apartments which cater to a broad tenant base. This diversity enhances occupancy rates and income stability. Occupancy across the portfolio is historically 97%. Alton’s growing population and its appeal as a commuter town for St. Louis contribute to a robust rental market, ensuring consistent demand for multifamily housing. The portfolio offers a blend of affordability, growth potential, and stable rental demand.
01
Strategic Locations
The Gallery Illinois Portfolio is located 30 minutes from Downtown S.t Louis. Each property is strategically situated within Alton, Illinois, providing easy access to local amenities, schools, and transportation, as well as proximity to the economic hub of St. Louis. Downtown Alton offers a variety of locally owned restaurants including the famous Fast Eddie’s Bon Air, chic boutiques, the Argosy Casino, and antique shops in the Arts & Antique Row.
02
Value-Add Potential
Several properties within the portfolio offer opportunities for continued value-add improvements to unit interiors for a rent premium. All units were previously renovated in 2008 which included granite countertops, mix of hardwood and ceramic tile flooring, six-panel wood doors, new oak kitchen cabinets, and ceiling fans in bedrooms.
03
Employment and Economic Growth
Alton is experiencing positive economic and community development, with investments in infrastructure and local businesses, enhancing the city’s appeal and potential for property appreciation. Their largest employers in Madison County include Southern Illinois University (SIUE), Amazon, Edwardsville Community School District, Global Brass and Copper, Alton Memorial Hospital, Alton Steel, Saint Anthony’s Health Center, Alton School District, and Olin Corporation, which contribute significantly to the local economy. The State of Illinois recently increased the minimum wage to $15.00/hour effective January 1, 2025, which will support continued rent growth. Scott Air Force Base and Mid-America Airport are also nearby. Scott Air Force Base employs over 14,000 people and is the fourth largest employer in the S.t Louis metro area. It generates an economic impact of $3 billion annually.
04
Attractive Loan Assumption Opportunity Available
The Gallery Illinois Portfolio offers an attractive loan assumption opportunity that was originated in September 2019 with an original balance of $8,600,000. It offers a below-market interest rate of 4.42% with loan maturity in October 2034.
05
Historic Mid-Century Modern Building with Shaded Woodland Views
Laundry Facilities
24-Hour Emergency Maintenance
Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Plants
On the MCT Bus Line with Stops in Front of the Property
Close to Amtrak / Multimodal Station, Parks, Trails, Mississippi River, SIU School of Dental Medicine, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to State Routes 140 and 143, U.S. Highway 67, Southern Illinois University Edwardsville, and Downtown Alton
COMMUNITY AMENITIES
UNIT AMENITIES
Beautifully Appointed with Wood-Style Flooring, Tile Flooring, Granite Countertops, and Undermount Sink
Modern Kitchen with Gas Stove, Refrigerator, Dishwasher, Built-In Microwave, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Tiled Tub and Shower Combination
Lighted Ceiling Fans, Plush Carpeting, Large Windows, Closets, and Mini / Vertical Blinds
Select Units Feature Separate Dining Area, Wraparound Corner Windows, and Central Air Conditioning
Heating
AMENITIES
PROPERTY DETAILS
14
studio units measuring between 360 and 531 square feet
10
one-bedroom units measuring 510 square feet each
2
two-bedroom units measuring 720 square feet each
510 square feet each
2
three-bedroom units measuring 1,064 square feet each
532 sf
Average unit size
UNIT MIX
Class # of total units Style Type Distance from Downtown
Location Year built # of total buildings # of stories/floors in each building Exterior building materials Roof type
B/C 28 garden-style multifamily 22 miles NE of Downtown St. Louis nestled in a wooded area and along Washington Ave / SR 140, just north of the Mississippi River 1951 1 (3 connected buildings) two and one-half stories brick
flat roofs
PHOTOS
Seasonal Swimming Pool with Sundeck
Courtyard
Shaded Woodland Views
Laundry Facilities
24-Hour Emergency Maintenance
Plenty of Convenient, On-Site Parking and Covered Carport and Detached Garages are Available
Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Flowering Plants
On the MCT Bus Line with Stops in Front of the Property
Close to Amtrak / Multimodal Station, Parks, Trails, Mississippi River, SIU School of Dental Medicine, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to State Routes 140 and 143, U.S. Highway 67, Southern Illinois University Edwardsville, and Downtown Alton
Eat-In, Modern Kitchen with Electric Stove, Refrigerator, Dishwasher, Disposal, Built-In Microwave, Undermount Sink, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Tiled Tub and Shower Combination
Tile Flooring, Granite Countertops, Carpeting, Ceiling Fans, and Mini / Vertical Blinds
Large Windows and Closets
Select Units Feature Vaulted Ceilings, Powder Room, Separate Dining Room, and Walk-In Closet
Air Conditioning / Heating and Cable TV Ready
COMMUNITY AMENITIES
UNIT AMENITIES
AMENITIES
PHOTOS
6
one-bedroom units measuring 682 square feet each
36
two-bedroom units measuring 806 square feet each
3
three-bedroom units measuring 1,085 square feet each
808 sf
Average unit size
UNIT MIX
Class # of Total Units Style Type Distance from Downtown Location
Year Built # of Total Buildings # of Stories/Floors in Each Building Building Materials Exterior Building Materials Roof Type
B/C 45 Garden-style Multifamily 23 miles NE of Downtown St. Louis Nestled in a wooded area and along Washington Ave / SR 140, south of Rock Spring Park 1963 3 Two stories
Brick / Wood frame
Brick
Pitched roofs with shingles
Historic Mid-Century Modern Building with Shaded Woodland Views
Laundry Facilities
24-Hour Emergency Maintenance
Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Plants
On the MCT Bus Line with Stops in Front of the Property
Close to Amtrak / Multimodal Station, Parks, Trails, Mississippi River, SIU School of Dental Medicine, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to State Routes 140 and 143, U.S. Highway 67, Southern Illinois University Edwardsville, and Downtown Alton
Beautifully Appointed with Wood-Style Flooring, Tile Flooring, Granite Countertops, and Undermount Sink
Modern Kitchen with Gas Stove, Refrigerator, Dishwasher, Built-In Microwave, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Tiled Tub and Shower Combination
Lighted Ceiling Fans, Plush Carpeting, Large Windows, Closets, and Mini / Vertical Blinds
Select Units Feature Separate Dining Area, Wraparound Corner Windows, and Central Air Conditioning
Heating
COMMUNITY AMENITIES
UNIT AMENITIES
AMENITIES
PHOTOS
8
one-bedroom units measuring 555 square feet each
48
two-bedroom units measuring 690 square feet each
8
three-bedroom units measuring 1,080 square feet each
721 sf
Average unit
UNIT MIX
Class # of Total Units Style Type Distance from Downtown Location
Year Built # of Total Buildings # of Stories/Floors in Each Building Building Materials Exterior Building Materials Roof Type Acres of Land Density Major Street Exposure
B/C 64 Garden-style Multifamily 22 miles north of Downtown St. Louis Nestled in a wooded area and along Washington Ave / SR 140, just north of the Mississippi River 1961 6 (or 10 connected) Two story
Masonry Brick Pitched roofs with composition shingles 2.57 acres 24.90 units per acre Washington Avenue
Community Room
Scenic Shaded Courtyard
Laundry Facilities
24-Hour Emergency Maintenance
Plenty of Convenient, On-Site Parking with Covered Carport and Detached Garages Available
Beautifully Landscaped with Manicured Grass, Mature Trees, and Trimmed Shrubs
On the MCT Bus Line with Stops in Front of the Property
Close to Amtrak / Multimodal Station, Parks, Trails, Mississippi River, SIU School of Dental Medicine, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to State Routes 140 and 143, U.S. Highway 67, Southern Illinois University Edwardsville, and Downtown Alton
Renovated Units Feature Updated Kitchens, Granite Countertops, Hardwood and Tile Flooring, Lighted Ceiling Fans, and Vertical Blinds
Eat-In Kitchen with Gas Stove, Refrigerator, Disposal, Microwave, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Tiled Tub and Shower Combination
Lots of Storage Space
Select Units Include Wrap Around Corner Windows and Separate Dining Area
Heating and High-Speed Internet Access
COMMUNITY AMENITIES
UNIT AMENITIES
AMENITIES
PHOTOS
22
studio units measuring 360 square feet each
21
one-bedroom units measuring 462 square feet each
8
two-bedroom units measuring 777 square feet each
4
three-bedroom units measuring 987 square feet each
487 sf
Average unit size
UNIT MIX
Class # of Total Units Style Type Distance from Downtown Location
Year Built # of Total Buildings # of Stories/Floors in Each Building Building Materials Exterior Building Materials Roof Type Acres of Land Density Major Street Exposure
C 55 Garden-style Multifamily 24 miles NE of downtown St. Louis Nestled in a wooded area and along Washington Ave / SR 140, just north of the Mississippi River 1952 2 (or 8 connected) Two-story
Masonry Brick Flat roofs 4.4 acres 12.05 units per acre Washington Avenue
Andy Scott
Realty Exchange Phone: 314.323.3831 stlmo.realty@gmail.com
Pat Garlich
Director Phone: 314.984.5536 pat.garlich@berkadia.com
Cortney Mauldin
Director Phone: 314.984.5516 courtney.mauldin@berkadia.com
Mortgage Banking
Kevin Kozminske
Senior Managing Director Phone: 314.984.5514 kevin.kozminske@berkadia.com
