After bouncing around from owner to owner in the early 2000′s, including the infamous DHP Investments, the seemingly unwanted 16-unit apartment complex at 3021 Pestalozzi was finally foreclosed on in September 2007. After a nearly 3-year search they were finally able to unload the building in July 2010 when Sequoia Group LLC purchased the property in the Tower Grove East Neighborhood of Saint Louis. The resulting renovation project has been dubbed Pestalozzi Place and is now complete. It is also now for sale.
Contractors were busy at work at the 13,759 square foot building for about six months, until the project was completed in late-winter 2011. The complex has 14 one-bed and 2 two-bed apartments, of which 11 are currently occupied . Rents vary but are around $695 for the two-bed and $550 for the one-bed apartments. The notable exterior improvements such as new landscaping, signage, and windows have really spruced up the NE corner of Pestalozzi and Minnesota. On the interior, the building features all new electric, plumbing, kitchens, baths, and HVAC. The developers really seem to have done the neighborhood proud.
Now that the property is complete and nearing full-occupancy, the developers are setting their sites on taking on their next project. As such, they are now looking for a buyer who is looking to invest in a quality property and continue where they started. Listed by Matt Kastner of Threshold Properties (that’s me!) and Alicia Sierra of Hermann London at $695,000. For more information on the listing, download this detailed property packet or view the listing here.
Check out pictures of the interior and exterior in the gallery below.
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Should be more interesting to see which type of tenant is allowed to rent.
The fact that they bothered to sod and landscape the place, and that the signage is building the place as “garden-style live,” I have high hopes. No slumlord is going to do that. Now, whether than can get those their target tenants or not is a very good question.
Precisely.