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Rehabbed apartments coming to 2027 Russell

If you frequent Russell Boulevard through the McKinley Heights neighborhood, it would be hard to miss the huge 4-family at 2027 Russell. It’s one of those prominent buildings that has been either vacant or under construction for what seems like forever. Thankfully, that trend will soon be coming to an end under the buildings new ownership.

I actually listed this property for sale in late February for the previous owner. We had a lot of interested, but at 9,352 sq ft including the finishable basement space, it was a lot of building for even a seasoned investor to take on. Fortunately, we were lucky enough to find a buyer willing to take the project on in LWY Properties LLC. We closed on the deal about a week ago.

The new owners already have financing in place to complete the rehab of the property. Considering the current real estate climate, they will be turning the units into higher-end apartments rather than condos. Looks like another eyesore getting a second life. Construction should begin anytime. Here are a few pictures of what the place currently looks like.

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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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