Berkadia is excited to present the exclusive opportunity to acquire The Reserve at Heritage (the “Property”) located in St. Louis, MO. Comprised of 109 townhome units, The Reserve at Heritage presents a unique and exceptional investment opportunity to qualified buyers. Located just 1.8 miles from the soon-to-be completed $1.75 billion National Geospatial Intelligence Agency (NGA) headquarters, this well-kept townhome community is poised to benefit from the influx of 3,100 new high-paying full-time jobs that will be created over the next 1-3 years. This major economic driver, the largest Federal investment in St. Louis history, will drive strong demand for housing in the area, making the property an attractive investment that is poised for long-term appreciation.
With approximately 93% of the units having undergone significant value-add renovations, The Reserve at Heritage offers a solid foundation for immediate cash flow, strong going-in yield, and long-term appreciation. Currently, the Property boasts an impressive 96% occupancy rate, highlighting the high demand for quality rentals, particularly townhome-style rentals, in the area.
Further, by continuing to implement proven interior upgrades and optimizing operating expenses, there are key opportunities to enhance the Property’s financial performance and capitalize on the strong demand for well maintained rental communities in the area.. The Reserve at Heritage is being offered at a highly attractive 8+% in-place cap rate and a low price per unit, making it a compelling investment option.
With the upcoming influx of 3,100 high-paying, full-time jobs, the Property’s high occupancy rate and quality of condition, and the potential for long-term appreciation, The Reserve at Heritage has the potential to deliver significant returns. This investment opportunity combines an up-and-coming location, strong demand and economic drivers, and potential for value enhancement, making it an ideal choice for investors seeking long-term growth and profitability.
The Offering:
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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.
Investment ADVISORS
CONTACT Info
Ken Aston
Managing Director
314.984.5590 ken.aston@berkadia.com
Bobby Mills
Senior Director
314.984.5505 bobby.mills@berkadia.com
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Andrea Kendrick
Managing Director
314.984.5591
andrea.kendrick@berkadia.com
Brandon Grisham
Senior Managing Director
208.296.2077
brandon.grisham@berkadia.com
Mike Terry
Director
208.296.2074
mike.terry@berkadia.com
Mortgage Bankers
Cortney Mauldin
Director FHA / HUD
314.984.5516
cortney.mauldin@berkadia.com
Pat Garlich
Director
314.984.5536
pat.garlich@berkadia.com
Kevin Kozminske
Senior Managing Director
314.984.5514
kevin.kozminske@berkadia.com
Investment Highlights
Spacious Floor Plans with Apartment and Two-Level Townhome Designs and Upgraded Units Available
Eat-In Kitchen with Electric Stove, Refrigerator, Dishwasher, Disposal, Pantry, and Plenty of Cabinet and Counter Space
Tile / Wood-Style Flooring, Plush Carpeting, Ceiling Fans, and Mini Blinds
Full Size Bathroom with Tub and Shower Combination, Downstairs Powder Room, and Linen Closets
Double Pane Windows, Walk-In Closets, and Private / Semi-Private Entry
Washer and Dryer Connections
Select Units Feature Private Patio / Balcony and Stainless-Steel Appliances
Wheelchair Accessible (Rooms)
Semi-Private Entry’s
Air Conditioning / Heating, Cable TV Ready, Security System, and High-Speed Internet Access
Courtyard with Paved Walkways and Park Benches
On-Site Property Management
Video Patrol
Plenty of Convenient, On-Site Parking
Gated Community / Controlled Access
Beautifully Landscaped with Manicured Grass, Deciduous Trees, and Trimmed Shrubs
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Within Walking Distance of Metro Transit Bus Line and Tandy Recreation Center
Close to Metro Transit Train Station, Parks, Lakes, Schools, Stores, Restaurants, and Entertainment Options
Convenient Access to Interstate 70, State Route 115, St. Louis Lambert International Airport, Saint Louis University, and Downtown St. Louis
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4378 Cottage Ave
St. Louis, MO 63113
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4378 Cottage Ave
St. Louis, MO 63113
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DOCUMENT CENTER
# of units: 109
Style: townhome & garden-style
Neighborhood: The Ville
Distance from Downtown: 5 miles NW of Downtown St. Louis
Location: at the intersection of N Newstead Ave and Kennerly Ave, south of State Route 115
# of total buildings: 17 (including a leasing office / clubhouse)
# of stories/floors in each building: two and three story
Acres of land: 5.28 acres
Density: 20.64 units per acre
Pets allowed: yes
Major street exposure: Newstead Avenue
Building Description
Building Consrtuction:1986
Roof Construction: pitched roofs with composition shingles
Foundation: concrete slab
Exterior Materials: brick & vinyl
Windows: single pane
Security: gated community
Fire Safety: smoke & carbon monoxide detectors in each unit
Mechanical: central air individual units
HVAC: central air individual units
Water Heater: individual 40-gallon water heaters
Electrical: individual breaker boxes
Property Description
Located in the Path of Progress with Billions of New Development Surrounding The Reserve at Heritage
Desirable Mix of Townhome-and Garden-Style Units
Significant Capital Infusion Positions the Property for New Ownership
Proximate to St. Louis’ Major Employment Hubs & Economic Drivers
Value-Add Opportunity Offered at Strong Going-In Yield and Attractive Basis
$1,600,000+ in capex spent at The Reserve at Heritage (~$15,000 per unit)
68% townhome-style units
32% garden-style units
NGA West Headquarters - $1.75 billion government campus spanning 100 acres| largest federal investment project in St. Louis history | 3,100+ new high-paying jobs | located less than two miles from The Reserve at Heritage
BJC Campus Expansion - $1.5 billion investment located 2.5 miles away
North Sarah Mixed-Use Development – multi-phase project currently being developed by McCormack Baron Salazar
Clear path to upside via continued interior unit upgrades
Upside via continued rental increases. Property remains 96% occupied despite consistent rent increases
Influx of high-paying jobs (3,100+ jobs) at NGA West, which is a $1.75 billion federal investment project located 2 miles away
Opportunity to implement RUBS into leases that are not already reimbursing for utilities
Priced well below replacement cost
NGA West Headquarters: 3,100+ new high-paying jobs | 1.8 miles away
Barnes Jewish Hospital: St. Louis’ Largest Employer (30,000+ employees) | 3 miles away
Cortex Innovation District (15,000 jobs) | 2 miles away
Saint Louis University (13,000+ students) | 2 miles away
Washington University in St. Louis: ranked #14 National Universities by US News | 4 miles away
Clayton Central Business District: 10M SF of office space, 1M SF of retail space, 45,000 daily workforce population | 6 miles away
Unit Mix
109 two-bedroom units measuring between 815 and 950 square feet
THE LOCATION
