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Plaza Square Apartments Downtown

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.

Check out the full article at the St. Louis Post Dispatch for further details. Photo courtesy of the Landmarks Association of St. Louis.

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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One thought on “Plaza Square Apartments Downtown”

  • Mike Brewer

    October 11, 2009 at 10:54 am

    Matt,

    Thank you for the post on Plaza. We are very excited to get Plaza as an assignment.

    To speak to your point of cleaning it up – on the second day we were there – a lady stood up on her balcony and gave our Porter a standing ovation followed by a; “it’s about time somebody gave a damn” comment. It was awesome.

    We have a long way to go and in the same respect we see this as an opportunity to really change the landscape. That said, we are under no illusion that we can do it by ourselves. It will require the hands and minds of many to bring it back to it’s prime.

    We are in the process of building a blog as to keep interested parties abreast of our journey and look forward to the conversation. Once we have it in place, I will share it with you.

    Love your blog and read it often.

    Take care.

    Mike Brewer

    Reply

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