The 680-unit, garden-style multifamily complex, located in Saint Charles, Missouri, a suburb of St. Louis Metro Area. It was sold after a 3.5 year holding period. During the holding period, approximately $12,000/per door was injected for renovating a portion of the units at the asset. Further, the exterior of the asset was renovated to add to curb appeal and modernize amenities. In addition to renovation rent premiums, the strength of the on-the-ground team led to high organic rent growth. The asset was sold in August of 2021 for a price which was 57.7% higher than the original purchase price, reflecting a 2.43X equity multiple.
