San Remo is a 75-unit multifamily community that also includes 2 ground-floor commercial spaces, located in St. Louis, Missouri. The buildings were originally built in 1905, 1910, and 1926 and were renovated and placed in service in 2005 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require 100% of units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Missouri Housing Development Commission.
The property features one-, two-, three-, and four-bedroom apartments with an average unit size of 746 square feet. The units include central air conditioning and heat, fully-equipped kitchens (dishwasher, disposal, pantry, microwave, range, refrigerator), and walk-in closets. Community amenities include secure parking, elevator serviced (900 N Kingshighway), laundry facilities, and some units with in-unit washer/dryer. There are two commercial spaces at the Kingshighway location, of which, the management company utilizes one for the leasing office. Residents also have easy access to Fountain Park, which is two blocks away from San Remo featuring 1.5 acres of green space with beautiful fountain at its center.
Capital expenditures since 2019 include new exterior doors throughout the property, new parking lot gates, new security cameras, elevator repairs, 6 new washers and dryers, and improved exterior lighting.
San Remo is located a few blocks north of the Central West End submarket of St. Louis. Residents are within one mile walking distance of one of the highest concentrations of hospitals and education in the entire Midwest including Barnes Jewish Hospital, St. Louis Children’s Hospital, Washington University and Medical Campus, and Siteman Cancer Center. Also within close proximity are the Cortex Innovation District, Saint Louis University, and both Clayton and downtown St. Louis Central Business Districts.
The vibrant Central West End submarket is one of the most sought-after, pedestrian-friendly locations in all of St. Louis featuring tree-lined streets, boutiques, upscale dining, art galleries, and beautifully restored historic homes dating back to the 1904 World’s Fair in Forest Park. Nearby amenities include Forest Park (1,300 acres / 6th most visited U.S. urban park), Saint Louis Art Museum, Zoo, Science Center, History Museum, MetroLink, Whole Foods, the Fabulous Fox Theatre, Chase Park Plaza, and many retail shops.
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.
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Investment ADVISORS
CONTACT Info
Ken Aston
Managing Director
314.984.5590 ken.aston@berkadia.com
Michael Gonzalez
Senior Director
248.341.3338
michael.gonzalez@berkadia.com
Bobby Mills
Senior Director
314.984.5505 bobby.mills@berkadia.com
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Amenities
Nearby employers include:
St. Louis’s largest employer: Barnes Jewish Hospital (30,000+ employees)
Cortex Innovation District (15,000 jobs)
Saint Louis University (13,000+ students)
Washington University: ranked #14 National Universities by US News
Clayton Central Business District: 10M SF of office space, 1M SF of retail space, 45,000 daily workforce population
Property tours
All property tours are by appointment only. Please contact the following Seller representatives to schedule a tour.
Andrea Kendrick: andrea.kendrick@berkadia.com
Ken Aston: ken.aston@berkadia.com
Bobby Mills: bobby.mills@berkadia.com
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
Value-add Opportunity to acquire 75 units in Saint Louis City
LIHTC (Section 42) property
Priced significantly below replacement cost
Regulatory restrictions fully expire in 2034
MHDC and HUD approvals required for buyer
Significant operational upside by stabilizing occupancy (current occupancy is 51%)
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18 One bedroom units measuring 538 SF.
37 Two bedroom units measuring 728 SF.
13 Three bedroom units measuring 952 SF.
7 Four bedroom units measuring 997 SF.
746 AVG SF
Unit Mix
Spacious Floor Plans
Kitchen with Electric Stove, Refrigerator, Dishwasher, Double Basin Sink, Pantry, and Plenty of Cabinet and Counter Space
Carpet / Vinyl Plank / Tile Flooring and Mini / Vertical Blinds
Large Windows and Closets
Select Units Feature Include Washer and Dryer Connections, Washer and Dryer, Microwave Oven, and Private Balcony
Air Conditioning / Heating and High-Speed Internet Access
On-Site Laundry Facilities
Elevators
Plenty of Convenient, On-Site Parking
Beautifully Landscaped with Manicured Grass, Trimmed Shrubs, Mature Trees, and Flowering Plants
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Considered Very Walkable (Walk Score® 84 / 100)
On the Metro Bus Line with Stops in Front of the Property
Within Walking Distance of Fountain Park, Grocery Stores, and Restaurants
Just North of the 1,300-Acre Forest Park Featuring Museums, Sports Fields, Golf Courses, and a Zoo
Close to Schools, Retail Stores, and Entertainment Options
Convenient Access to Interstate 64, State Route 180, St. Louis Lambert International Airport, Saint Louis University, Washington University in St. Louis, and Downtown St. Louis
Community Amenities
Unit Amenities
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848 N KINGSHIGHWAY BLVD ST. LOUIS, MO 63108
Wiring: Copper
Circuit Breakers: 70 of 77 panels are Federal Pacific Stab-Lok
Electric: Individually metered
Water/Sewer: Master metered
Plumbing: Copper
HVAC: Central
Laundry: Washers and dryers in Euclid buildings (some vacant units missing machines); shared laundry room in basement of Kingshighway building (Contract with Hoppy’s)
School District: Saint Louis Public Schools
Property Description
(per Yardi – combination of all 3 buildings)
% Units Affordable: 100% of units at no more than 60% of AMI
State Agency: Missouri Housing Development Commission (MHDC)
Year Placed in Service: 2005
Mandatory Compliance Period: 15 years
End of Initial Compliance: 12/31/2019
End of Extended Use: 12/31/2034
Located in Qualified Census Tract (QCT): Yes (50% or more households have an income which is less than 60% of the AMGI or the tract’s poverty rate is at least 25%
Located in Opportunity Zone: Yes
Located in New Markets Tax Credit (NMTC) Tract: Yes
Located in Low-Income Communities Census Tract (and 125% Contiguous Tracts): Yes
Regulatory Agreement will be removed after closing, but residential still subject to LIHTC rent restrictions after closing.
REGULATORY
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848 N KINGSHIGHWAY BLVD ST. LOUIS, MO 63108
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Class: C
# of total units: 75 + 2 commercial spaces
Number of Parking Spaces: 64
Style: low/midrise
Type: affordable housing
Neighborhood: Fountain Park / Central West End
Distance from Downtown: 5 miles NW of Downtown St. Louis
Location: at the intersection of Kingshighway Blvd and Hodiamont Tracks
Year built: 1926 (Kingshighway), 1910 (785 N. Euclid), 1905 (904 N. Euclid)
# of total buildings: one, six-story building and two, three-story buildings
Building materials: masonry
Exterior building materials: brick
Roof type: flat roofs
Acres of land: 1.34 acres
Major street exposure Kingshighway Blvd
Property Description
Parcels
Parcel 1 794-796 N. Euclid (vacant lot)
Parcel 2 904-908 N. Euclid
Parcel 3 785-787 N. Euclid
Parcel 4 908-914 N. Kingshighway (900 building parking lot)
Parcel 5 848-906 N. Kingshighway
Parcel 6 916 N. Kingshighway (900 building parking lot)
SAN REMO SCHEDULED FOR AUCTION SALE.
BIDDING OPENS MARCH 25, 2024 AND ENDS MARCH 27, 2024
San Remo Auction