Following the ridiculously low $5 million purchase of Plaza Square Apartments in the western section of Downtown St. Louis earlier this week, the new owner is putting money back into the building.Turning over managment of the property to Mills Properties, owner Natixis Real Estate Capital Inc. has their work cut out for them. This 936-unit apartment complex, spread out over 5 buildings, is currently a mess.
The potential is there to really make something out the place though. A complete overhaul would do wonders for the buildings and the area as a whole, but even a cleanup would be a big improvement. The buildings are probably most recognizable because the sixth building (not included in this deal) was converted into the Blu Cityspaces Condo Development, which have been advertised heavily across town.