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| Alex Blagojevich |
ST. LOUIS, MO, Sept. 29, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, announced it has arranged the
sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights,
a suburb of St. Louis. The $26.8 million sales price equates to $72,043 per
unit.
Marcus & Millichap vice presidents investments David
Gaines and Alex Blagojevich arranged the sale, along with senior
associate William Holman, Marcus & Millichap’s broker of record in
Missouri.
“Cedar Trace is a stable apartment community located in a thriving
northwestern St. Louis suburb,” says Gaines. “The buyer intends to take
advantage of the strong demand in the rental marketplace by updating unit
interiors and driving revenue at the property.”
Cedar Trace Apartments is located at 2000 McKelvey Hill
Drive in Maryland Heights, 20 miles northwest of downtown St. Louis. Its proximity to Westport Plaza, West County
Mall, Interstate 270 and the Bi-State bus line make it a convenient location
for its residents.
Built in 1972, the property features 50 two- and three-story
buildings. The average unit size is 1,158 square feet and the average monthly
rent is $854.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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