Oaks at South County

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1194 Casa Brazilia Ct | St. Louis, MO 63129

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Property Description

334

Garden

15 miles

1971-1979

Frame

Units:

Style:

Distance fromDowntown

Year Built:

2-3

# of Stories/Floors:

Building Materials:

Brick and siding

Pitched roofs with composition shingles

16.73

Exterior Building Materials:

Roof Type:

Acres:

19.84 Units Per Acre

Density:

2021

Year Renovated:

22 (plus one clubhouse/leasing office)

# of Total Buildings:

New Halls Ferry Road

Major Street Exposure:

Location:

Near New Halls Ferry Road and U.S. Highway 67

Unit Amenities

Swimming Pool with Sundeck Clubhouse Fitness Center Basketball Court Playground Covered Picnic Area Gazebo / Covered Seating Area On-Site Laundry Facilities Covered, Outdoor Community Mailbox Areas Plenty of Convenient, On-Site Parking Controlled Access Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Plants Close to Public Transportation (Metro Bus Line), Schools, Stores, Restaurants, and Entertainment Options Convenient Access to Interstates 55, 255, and 270; U.S. Highway 61; MetroLink Train Station; Mississippi River, and Downtown St. Louis

Garden-Style Apartment and Two-Level Townhome Floor Plans Newly Renovated Units Include Wood-Style Flooring, Stainless Steel Appliances, Smooth-Top Range / Gas Range, Quartz Countertops, Undermount Sink, Subway Tiled Kitchen Backsplash, Shaker-Style Cabinetry, and Remodeled Bathroom with Tiled Surround Kitchen with Electric Stove, Refrigerator, Dishwasher, Dining Area, and Plenty of Cabinet and Counter Space Full Size Bathroom with Tub and Shower Connections Large Windows and Closets Mini / Vertical Blinds Semi-Private Entry Private Patio / Balcony with Sliding Glass Doors In-Unit Washer and Dryer Connections/ Appliances Select Units Include Walk-In Closet, Built-In Microwave, Powder Room, and Breakfast Bar Air Conditioning / Heating, Satellite TV Available, and High-Speed Internet Access

Community Amenities

Location

116 one-bedroom units measuring between 588 and 674 square feet 182 two-bedroom units measuring between 774 and 1,103 square feet 30 three-bedroom units measuring 1,074 square feet each Average unit size of 801 square feet

Unit Mix

GALLERY

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 loan brokerage business in Nevada. © 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

Ken Aston

Managing Director 314.984.5590 ken.aston@berkadia.com

Bobby Mills

Senior Director 314.984.5505 bobby.mills@berkadia.com

Andrea Kendrick

INVESTMENT SALES

MORTGAGE BANKING

Managing Director 314.984.5591 andrea.kendrick@berkadia.com

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Kevin Kozminske

Senior Managing Director, Mortgage Banking – FHA/HUD 314.984.5514 kevin.kozminske@berkadia.com

PAT Garlich

Director, Mortgage Banking – FHA/HUD 314.984.5590 pat.garlich@berkadia.com

Cortney Mauldin

Director, Mortgage Banking – FHA/HUD 314.984.5516 cortney.mauldin@berkadia.com

MORTGAGE BANKING

INVESTMENT SALES

The Oaks at South County

# of total units: 328 Style: garden-style Type: multifamily Distance from Downtown: 14 miles SW of Downtown St. Louis Location: near the intersection of Forder Rd and Kinswood Ln, SE of the Interstate 55 and 255 Interchage Year built: 1972 # of total buildings: 3 large multi-winged buildings – plus a 3-level building at entrance per tax records (unclear if it’s more apartments or offices) # of stories/floors in each building: three story Building materials: concrete block construction Exterior building materials: brick and stucco Roof type: flat roofs with ceramic Spanish tile overhangs Acres of land: 9.62 acres Density: 34.10 units per acre Major street exposure: Forder Road and Kinswood Lane

UNPARALLELED VALUE-ADD UPSIDE AND LONG-TERM APPRECIATION Exceptional value-add opportunity offering unparalleled near-term upside and long-term appreciation in a historically high-barrier-to-entry submarket Highly successful interior renovation program current ownership implemented and teed up for a new buyer Average occupancy of 96% with 6.5% year-over-year effective rent growth in South County

Investment Highlights

1194 Casa Brazilia Ct | St. Louis, MO 63129

The Oaks at South County

CAPITAL IMPROVEMENTS POSITION THE PROPERTY FOR NEW OWNER Meticulously maintained property with significant capital injections, including, but not limited to: Fully renovated hallways and common areas New light fixtures throughout Resurfaced parking lot Tuckpointing Freshly painted exterior masonry, providing a refreshed modern appeal New landscaping throughout enhancing curb appeal New signage throughout the community Newer windows Plumbing replaced with PVC as needed

PROMINENT LOCATION A+ location in South County adjacent to major interstates and thoroughfares, offering excellent connectivity to other parts of the city and beyond Interstate 270: 0.25 miles Interstate 55: 0.50 miles Interstate 44: 6 mils Highway 141: 6 miles

PROVEN VALUE-ADD PROGRAM ACHIEVING RENT PREMIUMS UP TO $775 PER MONTH Substantial value-add upside potential via interior unit upgrades. Current ownership has successfully proven a partial interior renovation program offering residents four different renovation tiers. Approximately 285 units have been renovated at various tiers ranging from complete unit rehabs containing luxury finishes to modest upgrades, thus providing a range of options that meet the needs of residents and investors alike Rent premiums on renovated units range from $275 per month to $775 per month Average rent premium = $465 per month Strong resident demand for top tier renovated units, providing a buyer the opportunity to further renovate lower tier renovated units

HIGHLY ATTRACTIVE LOAN ASSUMPTION Attractive, below-market loan assumption, thus reducing an investor's risk in the current volatile capital markets environment while enhancing the overall financial stability of the asset Loan Terms Senior Loan: $21,000,0 Supplemental Loan: $9,305,000 Total Loan Balance: $30,305,000 Interest Rate: Senior: 3.86% Supplemental: 7.82% Blended: 4.86% Term: 12 years remaining Amortization Period: 30 Interest Only: 2 years & 9 months remaining (10/2026 last IO payment

SUPERIOR LOCATION SURROUNDED BY DOMINANT RETAIL AND EMPLOYMENT HUBS The Oaks at South County is primely located in direct proximity to one of St. Louis’ dominant retail and employment hubs

RETAIL 10.1 million square feet of retail in the Southwest County Retail Submarket South County Center: 1.04 million SF shopping center located 0.25 miles from Oaks at South County Successful shopping center containing over 120 specialty stores and four anchor tenants (Macy’s, JC Penny, Dillard’s, and Dick’s Sporting Goods) Other Major Retailers: Target, Wal-Mart, Sam’s Club, Costco, Home Depot

MAJOR EMPLOYERS (PARTIAL LIST) Panera Bread Company Headquarters St. Anthony Medical Center (Mercy) - third largest health care center in the St. Louis Metro area Unigroup Maritz Headquarters New Balance Corporate Offices

PRICED SIGNIFICANTLY BELOW REPLACEMENT COST The Oaks at South County’s superior location and unique Spanish architectural décor, primarily constructed with masonry, makes the asset nearly impossible to replicate in today’s market. Replacement cost is estimated to be roughly $215,000 to $225,000 per unit, which is approximately 65% below the asset’s asking price Unique, spacious floor plans typically not found in other apartment communities

328 Units

Unit Mix