The Legends at Pasadena Hills
324-Unit Multifamily Opportunity with Upside Potential in St. Louis MSA
Marketing description
Investors have a compelling opportunity to acquire The Legends at Pasadena Hills, a 324-unit garden-style multifamily community located in the Norwood Court/Pasadena Hills area of St. Louis, Missouri. The property has recently undergone significant capital improvements, providing a strong foundation for continued performance while still offering meaningful upside through further interior unit renovations.
The Legends at Pasadena Hills benefits from its established location within North St. Louis County, offering convenient access to major highways, employment centers, and nearby retail amenities. The surrounding area continues to experience ongoing investment and stabilization, supporting long-term demand and enhancing the property's future growth potential.
The Legends at Pasadena Hills is being sold unpriced on a free and clear basis. A call for offers date will be announced during marketing.
Investment highlights
- 324-unit garden-style community offering strong economies of scale and operational efficiency
- Recent capital improvements totaling over $6.8 million have been completed, including new roofs, electrical remediation, HVAC, plumbing, unit renovations, and general improvements throughout
- Close proximity to the $1.8 billion dollar Boeing defense campus expansion redevelopment providing improved occupancy demand
- 53% of the units are in classic or near classic condition allowing the opportunity for new ownership to continue renovations to drive rent growth
- Offered below replacement cost, providing an attractive basis and long-term appreciation potential
- Strong in-place cash flow with occupancy at 92.3%
- Strong workforce housing demand in North St. Louis County supporting stable occupancy and cash flow
- Located less than one mile from the I-70 and Lucas & Hunt interchange, providing convenient access, to major highways, employment centers, and retail corridors throughout the St. Louis MSA
- Proximity to the University of Missouri–St. Louis (UMSL), which supports sustained rental demand, along with close access to Express Scripts, a major regional employment hub driving strong renter and workforce activity
- Delivered free and clear of existing debt, allowing flexibility in financing structure
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