A Class C multifamily property in Belleville has sold for $1.8 million.
Florida-based Siesta Coast Capital bought the 84-unit Westown Apartments, located at 3908 W. Main St., from Forest Hills LP, which built the property in 1975 and has managed the apartments since they opened.
Marcus & Millichap (NYSE: MMI) brokers Jeff Colona and Brad Barham, assisted by John Solari, represented the seller in the deal and also identified the buyer. Siesta Coast Capital paid the full list price for the apartments.
Colona and Barham this year brokered the sale of Rockwood Apartments and Copper Creek Apartments, which are also located in St. Clair County. Siesta Coast Capital bought the 144-unit Copper Creek Apartments for $4.25 million, and Slurm LLC purchased Rockwood Apartments, at 2213 Rockwood Drive, for $8 million from Forest Hills LP, which facilitated the deal through a 1031 exchange.
“Our pool of investors are finding assets in St. Clair County offer a manageable cost of entry for a positive growth market. With the new tax law reform and federal Qualified Opportunity Zones, we will see a lot of interest in the Metro East this year,” Colona said.
The average rent in the Metro East is $805, according to a third quarter report from Cushman & Wakefield. The research lists the submarket as having a 5.9 percent vacancy rate.
Originally Published on December 29, 2018 at 05:39AM
Article published originally via “opportunity zones” – Google News https://www.bizjournals.com/stlouis/news/2018/12/27/another-apartment-deal-signifies-more-interest-in.html