8/14/2008

Hendricks & Partners sells four-phase apartment community in Missouri

by

Cape La Croix

Hendricks & Partners has sold all four phases of the 341-unit Cape La Croix apartment community in Cape Girardeau, Mo., for $15.8 million.

The sellers were Cape I, LLC, Cape II, LLC, Cape III, LLC, and Cape IV, LLC of Oak Brook, Ill.

Hendricks & Partners' Rick L. Vidrio and Rick Brace negotiated the sale on behalf of the seller.

The buyer was Cape LaCroix Apartments, LLC of St. Louis, Mo., who plans to aggressively market the property to under-served seniors and the student demographic. The new owners will remodel the existing clubhouse for the students, adding state of the art technology, Wi-Fi, a study lounge and a game area.

The tenant base is currently consists of 25-30 percent seniors. The new owner will implement limited food service for them as well as add activities and a shuttle service to nearby shopping areas, entertainment venues and casinos.

Built in four phases between 1970 and 1987, Cape La Croix is made up of one, two and three-bedroom units in 29 two-story residential buildings.

Address: 430 South Spring Avenue, Cape Girardeau, Mo.

Size: 341 units

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Filed Under: Multi-Family

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