Marcus & Millichap recently closed the sale of Heritage Townhomes, a 40-unit apartment property located in Wentzville, MO – a St. Louis suburb. The asset sold for $5 million and was marketed by investment specialists Ben Margalski and Aaron Kuroiwa from Marcus & Millichap’s St. Louis and Indianapolis offices on behalf of the seller, a private investor. Additionally, Dave Saverin from Missouri provided assistance in closing this transaction with the buyer being represented by Margalski and Kuroiwa as well – also being secured as a private investor.
Heritage Townhomes is situated at 601 Scotti Ln., Wentzville where it has seen improvements such as new flooring, kitchen appliances and updated bathrooms since its acquisition back in October 2019 resulting to an average rent increase of $200 per unit within three years time according to Margalski: “We fielded nine offers along with nine tours before selecting our buyer who was fulfilling their 1031 exchange.”
