Dec. 18, 2012
Village Green and L3C Capital Partners Expand Multifamily Partneship in Creve Coeur, Lake St. Louis Markets
By Gabriel Circiog, Associate Editor
Village Green and L3C Capital Partners LLC have announced a new multifamily housing partnership in the St. Louis area. New York-based investment company, L3C Capital Partners LLC acquired a portfolio which includes four St. Louis multifamily communities. The four luxury apartment communities located in the Creve Coeur and Lake St. Louis markets–Cross Creek, Cove West, Westchase and Cedar Lakes–will each undergo multi-million dollar renovations.
Village Green Construction and Village Green Interiors, two Village Green companies, will lead the construction and interior design. Village Green’s St. Louis regional office will manage the communities.
In a recent press release, COO of Village Green, Diane Batayeh said: “We are excited to partner with L3C Partners with the addition of these four St. Louis communities to our Missouri portfolio, and look forward to a long and mutually beneficial relationship.” She added: “In addition to providing exceptional customer service, we look forward to exceeding ownership’s expectations with respect to the financial performance of these properties.”
The first L3C Capital partners LLC community to undergo interior and exterior renovation will be Cross Creek. The property, which was built in 1986, will be rebranded and renamed Waterfront Crossing at Creve Coeur.
“Village Green brings a history of success with similar type value-added assets. Its results-oriented culture aligns well with L3C’s focus on excellence and execution,” said Chaim Kiffel, principal, L3C Capital Partners.
Norfolk, Va.-based real estate investment firm Harbor Group International said its affiliates are putting $10 million into the purchase of the 1,447-apartment portfolio, St. Louis Post-Dispatch reports. According to Harbor Group the complexes sold for $115,190,763, and the average occupancy of the apartment portfolio is 95.5 percent.
For more market data on St. Louis, click here.
Photo Courtesy of: www.villagegreen.prospectportal.com