Lofts at the Highlands Apartments
1031 Highlands Plaza Dr. West, St. Louis, MO 63110
The Lofts at the Highlands consists of two five-story residential buildings separated by a private community park. Developed and constructed by Balke-Brown Development, the property is unique among its existing competitors given its concrete/steel construction, secure underground parking and larger unit sizes that make the units feel like luxury homes.
Lofts at the Highlands is a 200-unit mid-rise apartment development built in 2006. The property is ideally located between downtown St. Louis and the prestigious Clayton business district. The region’s most exclusive housing surrounds the Clayton submarket. It is positioned less than 2 miles from Washington University and Barnes-Jewish Hospital. The property is also just across the freeway from Forest Park, a 1,371-acre urban park featuring the renowned St. Louis Zoo, St. Louis Science Center, St. Louis Art Museum, a golf course and extensive walking trails.
KBS Legacy Partners Apartment REIT funded the acquisition of Lofts at the Highlands through the assumption of a $32 million HUD loan and proceeds from its public offerings. The HUD loan is fixed rate at 3.40 percent amortizing over a 40-year term with a maturity date of August 2052.
Investment at a Glance
Location: St. Louis, MO
Property Type: Class A Apartment Community
Acquisition Date: February 25, 2014
Purchase Price: $41,800,000
No. of Buildings: 2
No. of Stories: 5
No. of Units: 200
Square Footage: 246,612
Year Built: 2006
Leased Percentage (at the time of Acquisition): 80%