Berkadia, a leading real estate investment firm, has successfully sold Oak Forest Apartments in St. Louis, Missouri. The garden-style multifamily property consists of 444 units and was sold for an undisclosed amount to a local investor.
The transaction was led by Managing Directors Andrea Kendrick and Ken Aston and Senior Director Bobby Mills from Berkadia’s St. Louis office on behalf of the seller who wishes to remain anonymous. At the time of sale, Oak Forest Apartments had an occupancy rate of 90%.
According to Kendrick, Oak Forest is a highly desirable asset with potential for value-add opportunities due to its original ownership by the developer. She also highlighted the strong performance of St.Louis’ multifamily market with projected rent growth surpassing national averages.
Conveniently located at 10900 Oak Forest Parkway Dr., the property offers easy access to major highways such as Highway 67, Highway 340 and I-270. It was built in two phases in1983 and1986 offering one or two-bedroom options for residents.
