ST LOUIS, MO - L5 Investments (L5) in partnership with BH Equities has acquired Schoettler Village Apartments, a 300-unit apartment community in Chesterfield, MO, a top submarket of St. Louis. The new ownership is planning to embark on an $8.4 million capital improvement program over the next three years to make necessary improvements to meet the demand of area renters seeking a quality apartment community.
Built in 1978 and located at 15480 Elk Ridge Lane, the property is situated on just over 26 acres and includes 46, three-story buildings with a unit mix of 255 two-bedroom units and 45 three-bedroom units. The community features a business center, resort-style pool, clubhouse, fitness center, fenced dog park, playground, and grill and picnic areas.
“We are pleased to acquire this sizable apartment community in a mature and affluent region currently experiencing job growth. The Chesterfield name, brand and strong reputation speaks for itself,” said Michael Flaherty, founder and CEO of L5 Investments. “With our renovation plan in place, we are looking forward to executing it with soon to be seen exterior enhancements as well as much-needed unit upgrades over a three-year period.”
The renovation plan includes upgrading unit interiors with new high-end flooring, lighting and appliances as well as installation of washer/dryers in 180 units that don’t already have this high-demand amenity. Exterior upgrades will include improvements to carports, landscaping, pool area, and a number of other cosmetic and systems enhancements to create a functional and high-quality living community.
Flaherty added, “L5 not only seeks value-add communities in densely populated areas with favorable job growth, we are also looking for high-performing school districts as they are big factors in renter demand. Chesterfield is home to the highly regarded Parkway School District which is among the top five districts in the entire state. Ultimately, these key fundamentals all point to continued sustainability and subsequently, appreciation of real estate assets over the long-term.”
Schoettler Village is located in the western St. Louis suburb of Chesterfield which is approximately 20 miles west of Downtown St. Louis. The property is situated along the Interstate 64 / U.S. Highway 40 corridor. The location is a short drive to major area employers including Monsanto, RGA, Pfizer, Centene, St. Luke’s Hospital, and Washington University. The St. Louis region ranks among the top 50 “Best Places to Start a Career” per WalletHub which also ranks the area among the top 20 metro areas in the nation for STEM professionals.
Andrea Kendrick and Ken Aston of Berkadia brokered the transaction on behalf of both the buyer and the seller in an off-market transaction.
About L5 Investments: Founded in 2009, L5 Real Estate Investments, LLC (DBA L5 Investments) is a privately held investment firm focused on value-add, income-producing multifamily properties in emerging U.S. markets. The firm currently has in excess of $380 million of assets totaling 4,100 units under management in seven states. The company targets opportunities that provide high-yield, passive cash flow and long-term capital appreciation for its investors through strategic acquisition, renovation, and superior asset management. L5 and its partners continue to capitalize on opportunities to own multifamily properties in premier locations. These properties generate attractive short-term income and long-term wealth potential. L5’s success and reputation has been built on its track record, conservatism, passion, attention to detail and the belief that trust starts and ends with honesty and integrity. L5 is based in El Dorado Hills, CA.
About BH Equities and BH Management Services: BH Companies are committed to creating value by acquiring, improving and managing apartment communities with the goal of maximizing asset value for their partners. Their success in this endeavor is evidenced by their growth from a start-up firm in 1993 to one of the largest multi-family owners and management companies in the nation. BH Companies is comprised of three divisions including BH Equities, BH Management Services and BH Construction Services. With more than 80,000 units under management in 21 states, BH Management Services, LLC ranked 9th on the National Multifamily Housing Council’s Top 50 Management Companies for 2018, while BH Equities ranked 17th on the NMHC’s Top 50 Owners.
For more information, visit www.BHManagement.com