Roosevelt Towne Apartments

711 North Euclid Avenue, St. Louis, MO 63108
Status: Escrow
Year Built: 1928
For more information please contact:
brandon@lihtcadvisors.com
In Cooperation with:

Zimmerman Properties

# of Units: 159
# of Buildings: 1
# of Stories: 8
Rentable SF: 90,412
Lot Size: 0.98 Acres

Highlights:

  • Multi-Family LIHTC Property with a HAP Contract Covering 154 Units
  • High Historical and Current Occupancy with a Wait  List
  • Favorable Debt Assumption Scenario Including 1% Long-Term, Soft Debt Payable from Surplus Cash
  • Additional Income Potential is Found at the Property with 5 Commercial Units and Long-Term, Roof-Top Cell Tower Lease
  • Conveniently Located in the Heart of St. Louis, Near Grocers, Colleges and Universities, Healthcare Facilities, Entertainment, and Forest Park
  • The Property is Located in a Qualified Census Tract as well as an Opportunity Zone
  • Home to Seven Fortune 500 Companies, Primarily in the Healthcare Sectors
  • St. Louis is a “Gamma” Global City with a Metropolitan GDP of More than $160 billion in 2017
  • Greater St. Louis is the Largest Metropolitan Area in Missouri, Second-Largest in Illinois, Seventh-Largest in the Great Lakes Megalopolis, and the 20th-Largest in the U.S.

Description:

Roosevelt Towne Apartments is a 154-unit affordable housing community located in the heart of St. Louis, MO. Residents enjoy access to entertainment, grocers, schools, and dining. Residents are also conveniently located near healthcare facilities including the Barnes-Jewish Hospital and the SSM Health St. Louis University Hospital.

Within a mile of the property is Forest Park, a 1,326 acre park historically known as the site of the 1904 World’s Fair, and currently home to the St. Louis Zoo, the St. Louis Art Museum, the World’s Fair Pavilion, a Korean War Memorial, the St. Louis Science Center, and the Missouri History Museum. Many colleges and universities are also centrally located and include St. Louis University, Washington University in St. Louis, Concordia Seminary, Fontebonne University, St. Louis College of Pharmacy, and St. Louis Community College- Forest Park.

The property was built in 1928 and converted from a hotel to multi-family housing in 1981. The property was then rehabbed and placed in service in 2005 under the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires 154 units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the Missouri Housing Development Commission. The remaining five units are commercial units and are unrestricted. The property has just entered the extended use period as of this year.

The property is also a recipient of HUD Section 8 project based rental income assistance pursuant to a Housing Assistance Payment (HAP) contract. The current renewal contract has an effective beginning date of April 1st, 2018 and provides assistance for 154 units. The current HAP contract has an expiration date of March 31st, 2038.

Roosevelt Towne offers one and two bedroom floorplans. Residents benefit from community amenities such as an elevator, on-site parking, community room, controlled access, and on-site laundry facilities. There is also a reserved resident parking lot adjacent to the property.

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