Berkadia is pleased to present the exclusive offering of Waterford Square Apartments; a 160-unit multifamily community built in 1973 and located in Florissant, Missouri. Waterford Square boasts a low-density, park-like setting, nestled in a quiet, tree-lined neighborhood and counts its immediate neighbors as McCluer North High School, Parker Road Elementary School, the Florissant Community Center, and the beautiful Florissant Valley Park. This impeccably maintained asset provides a unique opportunity to acquire one of the premier multifamily communities in North St. Louis County.
ASSET WILL BE OFFERED ON A 'FREE AND CLEAR' OR ASSUMPTION BASIS: A new investor will have the opportunity to acquire Waterford Square through the placement of new debt or through a cash to existing loan basis. The offering will allow prospective buyers to maximize their yields and increase returns based on their personal preferences regarding leverage and other debt priorities.
MARKET LEADING AMENITY PACKAGE: Waterford Square offers an extensive, highly desirable amenity package including a resort-style swimming pool with sun deck, community room with billiards table and library, laundry facilities, playground / BBQ areas, as well as an on-site leasing office. These unmatched amenities found on-site make Waterford Square one of the most desirable places to live within the submarket, setting it apart from other competitive assets.
SIGNIFICANT RENOVATIONS COMPLETED DURING CURRENT OWNERSHIP: During the last three years, current ownership has completed numerous capital projects to insure the physical asset remains top of class. The exteriors of the buildings have been completely overhauled, greatly increasing the curb appeal. New windows, fresh exterior paint, newly resealed parking lots, rebuilt patio surrounds, and updated landscaping all significantly improve the aesthetic appeal of the asset. The exterior improvements combined with interior upgrades have strengthened both tenant attraction and retention. Each of the renovations was completed with efficiency and long-term stability in mind, lowering the make-ready and maintenance costs well into the foreseeable future.
HIGH DEMAND, VALUE-ADD OPPORTUNITY: Despite all the improvements already completed, Waterford Square offers a new investor upside potential through an in-unit upgrade program. By undertaking kitchen and bath cabinet replacement, counter top upgrades, a lighting and hardware upgrade, and flooring replacement, the submarket will bear substantial increases to the market rents while allowing management to minimize vacancy, collection losses, and tenant turn over. These continued interior upgrades along with the already completed exterior and community improvements, make Waterford Square a rare opportunity to couple strong in-place yields with potential for forced appreciation moving forward.
* In select apartment homes
Senior Managing Director
2600 Grand Boulevard
Kansas City, MO 64108
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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