ST. CATHERINE
3350 Saint Catherine StFlorissant, MO 63033
86 units | built 1989
VERONICA PLACE
1425 N New Florissant RdFlorissant, MO 63033
79 Units | Built 19xx
INVESTMENT HIGHLIGHTS
Berkadia is pleased to offer an investor the exclusive opportunity to purchase St. Catherine apartments and Veronica Place apartments located in St. Louis, Missouri. St. Catherine features 86 one- and two-bedroom units and Veronica Place offers 79 one- and two-bedroom units. Both communities offer market rate apartment living with a welcoming environment for active independent residents 55 years and older.
Strong Market Demand / Growth Potential
Both properties are stabilized and 100% leased. St. Catherine’s market rents were raised between $100 to $200 per month depending on unit upgrades and has a waiting list for one-bedroom units.
Veronica Place rental rates were recently increased by $100 per month across all floorplans while maintaining full occupancy and a waiting list for potential residents.
As a result of this strong demand, a new owner has the opportunity to capitalize on it by continuing unit renovations on 95% of units at St. Catherine and 75% of units at Veronica Place for higher rent premiums.
St. Catherine offers an optional food service program for residents. Recently, the owner began transitioning away from this model and was able to quickly lease 10 units without food service. The plan is to continue moving away from food service, resulting in substantial cost savings for a new owner.
Recent Capital Expenditures
The Seller has spent significant capital improving the property in recent years.
Veronica Place:
Since 2023, a total of $1,540,000 has been invested.
- 24% of the units (19 out of 79) underwent cosmetic renovations, while the remaining 60 units received upgrades such as new light fixtures, paint, flooring, and stainless-steel appliances.
- 25 complete HVAC systems were replaced through the Ameren Missouri upgrade package, which also included new common area LED lighting, thermostats, aerators, and 54 system tune-ups.
- A pickleball and fitness facility were added.
St. Catherine:
- A of $958,000 has been invested in capital improvements.
- A new roof was installed in 2023.
- 30 complete HVAC systems were replaced through the Ameren Missouri upgrade package, which also included 4 common area HVAC systems, common area LED lighting, thermostats, and aerators.
- The entryway and dining area were upgraded with new flooring, paint, furnishings.
- Three out of 87 apartments were cosmetically renovated, with many others receiving new flooring, paint, and appliances.
Economic Indicators
Veronica Place and St. Catherine are located in the North County submarket of St. Louis which is experiencing several positive economic indicators. Employment growth is on the rise, driven by expansions in key industries such as healthcare, logistics, and manufacturing. Infrastructure improvements and new commercial developments are attracting businesses and residents alike. Additionally, the area has seen an increase in median household income, supporting a robust housing market with strong demand for rental properties.
Individual or Portfolio Sale
St. Catherine and Veronica Place can be purchased individually or as a portfolio. The properties benefit from being located within 2 miles of each other and currently share a management team for better efficiencies.
Financing
Both properties are being offered free and clear of any existing debt allowing an investor to take advantage of lower rates in today’s current lending environment.
St. Catherine Retirement Community
UNIT MIX
63
ONE BEDROOM UNITS
MEASURING 575 SQUARE FEET EACH
23
TWO BEDROOM UNITS
MEASURING BETWEEN 875 AND 1,199 SQUARE FEET
678
AVERAGE UNIT SIZE SQUARE FEET
PROPERTY DESCRIPTION
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COMMUNITY AMENITIES
- Recreation Room with Entertainment Space, Billiards, TV Lounge, Library, Large Dining Room, Activity Room, and Worship Room
- Activities and Events Include Group Outings, Monthly Birthday Parties, Seasonal and Holiday Celebrations, Non-Denominational Worship Services, BINGO Club, Arts & Crafts, and Exercise Classes
- Services Available Include Housekeeping, Restaurant Style Menu and Dining, Dinner Meal Service, Local Scheduled Transportation, and Regular Trips to Local Shopping
- Laundry Facilities
- Lobby with Lounge Area and Elevator
- On-Site Management and Maintenance
- Package Receiving
- Plenty of Convenient, On-Site Parking and Detached Garage
- Controlled Access
- Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Flowering Plants
- Online Resident Portal
- Close to Public Transportation (Metro Bus Line), Parks, Golf Courses, Stores, Restaurants, Entertainment Options, and St. Louis County Libraries
- Convenient Access to Interstates 270 and 170, U.S. Highway 67, State Route 367, Old Town Florissant, St. Louis Lambert International Airport, and Downtown St. Louis
UNIT AMENITIES
- Spacious Floor Plans with Classic and Updated Finishes
- Updated Units are Beautifully Appointed with Stainless-Steel Appliances, Shaker-Style Cabinetry, Wood-Style LVT Flooring, and Stone- Look Countertops
- Kitchen with Electric Stove, Refrigerator, Double Basin Sink, Dining Room, and Plenty of Cabinet and Counter Space
- Energy Efficient Appliances, Plush Carpeting, Lighted Ceiling Fans, and Mini Blinds
- Full Size Bathroom Includes a Walk-In Tub with Handrails
- French Windows and Large Closets
- Select Units Feature Includes Built-In Microwave, Dishwasher, Powder Room, Tile Flooring, Walk-In Closets, Laundry Room with Washer and Dryer, and Pass-Through Kitchen Window
- Air Conditioning / Heating and Electric / Water / Gas / Sewer Included
COMMUNITY AMENITIES
- Common Area with Seating Area
- Fitness Center with Cardio Equipment and Free Weights
- Indoor Pickleball and Shuffleboard Courts
- Laundry Facilities
- Lobby with Fireplace Lounge
- Carpeted Hallways with Handrails
- Central Courtyard with Paved Walkways
- On-Site Management and Maintenance
- Indoor Mail Room
- Plenty of Convenient, On-Site Parking
- Gated Community / Controlled Access
- Beautifully Landscaped with Manicured Grass, Mature Trees, and Trimmed Shrubs
- Online Resident Portal
- Within Walking Distance of Public Transportation (Metro Bus Line)
- Close to Parks, Golf Courses, Stores, Restaurants, Entertainment Options, and St. Louis County Libraries
- Convenient Access to Interstates 270 and 170, State Route 367, U.S. Highway 67, Old Town Florissant, St. Louis Lambert International Airport, and Downtown St. Louis
UNIT AMENITIES
- Spacious Floor Plans
- Beautifully Appointed with Efficient Stainless-Steel Appliances, Wood-Style LVT Flooring, Shaker-Style Cabinetry, Stone-Look Countertops, Plush Bedroom Carpeting, Lighted Ceiling Fans, and Window Coverings
- Full-Equipped Modern Kitchen with Electric Stove, Refrigerator, Dishwasher, Disposal, Built-In Microwave, Double Basin Sink, Dining Area, and Plenty of Cabinet and Counter Space
- Full Size Bathroom with Walk-In Tub and Grab Bars
- French Windows and Large Closets
- Select Units Feature Pass-Through Kitchen Window and Walk-In Closet
- Air Conditioning / Heating with Electronic Thermostat, Cable TV Ready, and High-Speed Internet Access
Veronica Place Active 55+ Community
UNIT MIX
72
ONE BEDROOM UNITS
MEASURING 517 SQUARE FEET
MEASURING 517 SQUARE FEET
7
TWO BEDROOM UNITS
UNITS MEASURING 693 SQUARE FEET EACH
UNITS MEASURING 693 SQUARE FEET EACH
533
AVERAGE UNIT SIZE SQUARE FEET
PROPERTY DESCRIPTION
- # of total units:
- Style:
- Type:
- Distance from Downtown:
- Location:
- Year built:
- # of total buildings:
- # of stories/floors:
- Building materials:
- Exterior building materials:
- Roof type:
- Acres of land:
- Density:
- Pets allowed:
Location
PHOTO GALLERY
Contact Us
ST. LOUIS OFFICE
120 S. Central Avenue
Suite 1200
St Louis, MO 63105
INVESTMENT SALES
ANDREA KENDRICK
Managing Director
314.984.5591
[email protected]
MO# 2007030450
KEN ASTON
Managing Director
314.984.5590
[email protected]
MO# 00248076
ROSS SANDERS
Managing Director
314.221.8543
[email protected]
#2007038807
MORTGAGE BANKERS
KEVIN KOZMINSKE
Senior Managing Director
314.984.5514
[email protected]
CORTNEY MAULDIN
Managing Director
314.322.3463
[email protected]
PAT GARLICH
Director
314.984.5536
[email protected]
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