Location: St. Louis, Missouri
Number of units: 100
Total Cost: $7,175,000
Stonebridge Townhomes are located north of the city of St. Louis in the established, suburban community of Florissant. The property has a very convenient location, adjacent to a grocery-anchored shopping center, in close proximity to schools and offers superb highway access. Constructed in 1975, the property consists of spacious two and three bedroom townhouse units with finished basements, some with walk-outs. Although well designed and constructed, the property was in significant need of recapitalization and renovation at the time of our acquisition.
While the property’s neighborhood demographics had shifted away from a largely white, upper middle class population toward a largely minority, working class population, there remained steady demand for family housing in the area. Upon a full rehabilitation, the property once again is fulfilling a strong demand among its new resident base.
The property was conventionally financed prior to our acquisition. Current property financing includes equity raised through the sale of 4% federal and state low income housing tax credits to Paramount Financial Group and a tax-exempt bond loan made by CharterMac.