Concord Place Apartments
50 Unit Value-Add Multifamily Opportunity in Desirable South County (St. Louis MSA) | Concord Place
Marketing description
CBRE, as exclusive marketing advisor, is pleased to present the opportunity to acquire Concord Place Apartments (“the Property”), a 50-unit, garden-style apartment community situated on 2.092 acres in South St. Louis County, Missouri. Constructed in 1966 and renovated from 2017-2018, the residential property includes 36,537 total square feet of rental space throughout five buildings.
Investors have a compelling opportunity to acquire Concord Place Apartments, a well-performing multifamily asset located in the heart of South County St. Louis. The property is positioned for immediate rent growth, with most units coming up in the near future for renovation. This allows new ownership to implement a value-add strategy by updating interiors and pushing rents over the course of the investment period.
Concord Place enjoys a prime location in the South St. Louis County area, which is experiencing notable new construction including a Chick-fil-A currently underway and the Tesson Ridge mixed-use development, which will bring additional retail, residential, and commercial activity to the neighborhood. These developments, along with proximity to major roadways and public transit, enhance the long-term value and rent potential of the property.
Concord Place is being offered free and clear of encumbrances and below replacement cost.
Investment highlights
Established 50-unit multifamily property located in a quiet tree-lined cul-de-sac in South St. Louis County, Missouri
Below-market rents allowing immediate value-add for new ownership
Owners have invested over $500,000 in capital expenditures since 2018, which include new roofing on all buildings, interior and exterior updates, and unit renovations
Favorable mix of one and two-bedroom apartment floor plan styles with 60% being 2-bedroom units
Washer connections for all units are available in the basement of each building. Shared coin-operated dryers provided by Hoppy’s Self Service are available in all buildings for tenant use. Additionally, two units are furnished with a washer and dryer.
Most units will offer the ability to update and push rents further over a new ownership period
One-Mile Demographics with an average household income of $120,538 reflects a solid middle-class foundation with considerable consumer spending power
Desirable location with convenient access to Lindbergh Blvd., Tesson Ferry Rd., and Hwy 270
Strong in-place cash flow with occupancy at 96%
Offered free and clear of encumbrances and below replacement cost
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