NEW YORK--(BUSINESS WIRE)--Sheldon Good & Company, the nation’s leading real estate auction firm, will conduct an auction in St. Louis, Missouri on Thursday, April 28th, for a variety of multifamily and investment properties located in DeBaliviere Place - a well established neighborhood located in one of the most centrally located areas of St. Louis.
Investors and buyers will have the rare opportunity to name their price and purchase a variety of real estate, ranging from stabilized apartments, value added apartments, retail/commercial space, bulk sale condominiums, and development land. Minimum bids will begin as low as $20,000 per unit. Each of these buildings is managed by Mill Properties, a six-time winner of the prestigious Property Manager of the Year award, including 2010, given out by the St. Louis Apartment Association.
The apartment buildings range from 83% to 92% occupied. They include 5528-40 Pershing, which contains 107 units in three connected buildings; 5560 Pershing, a 53-unit building; 5660 Kingsbury, a 66-unit building; 5654 Delmar, a 26-unit apartment building with 9,200 square feet of commercial space; and 5501 Pershing, a 4-unit building with 7,500 square feet of retail/commercial space on the ground floor.
The condominiums include the remaining 14 residences in The Marlborough - a 45 unit building located at 5696 Kingsbury; and the 4 remaining units in The Bolton, a 9-unit building located at 5625 Pershing. These two buildings will be offered to investors as two separate bulk sales.
The commercial/development offering consists of 3 separate properties to be sold as a package. Included in this offering is 5595 Pershing, a 2,900 square foot building and adjacent parking lot currently used as a sales/rental center and community fitness facility; 5539 Pershing Avenue, a 1.23-acre lot with a swimming pool and tennis courts; and 5647 Waterman Street, a 0.34-acre lot with a swimming pool. These three properties can either support an owner of the neighboring apartment buildings, or given their zoning, can be redeveloped into new multifamily product. These three parcels will be sold subject to a minimum bid of $250,000.
“The owner of these properties purchased them over the course of the last seven years as part of a $90,000,000 acquisition and did a brilliant job of revitalizing this historic neighborhood while creating real value for each property,” said Mark Troen, Chief Operating Office of Sheldon Good & Company. “This auction is an excellent opportunity for new investors to create added value while benefiting from the substantial in-place improvements and infrastructure developed by Mills Properties.”
“Mills Properties has been active and involved in this neighborhood for over twenty years,” stated Bruce Mills, CEO of Mills Properties. “It’s proximity to Washington University, Barnes Hospital, Forest Park and the Central West End, make this a tremendous place to invest, develop, and own properties.”
DeBaliviere Place is centrally located and within walking distance to Forest Park, Washington University, Barnes Jewish Hospital, and the entire nearby medical complex. The location also makes for a quick, convenient commute to anywhere in the city. The MetroLink and MetroBus lines provide easy access to St. Louis University, Lambert-St. Louis International Airport, downtown and much more.
Interested buyers can view the properties and residences during pre-auction Open Houses from 11am to 2pm on successive Fridays on April 1st, 8th, and 15th; Wednesday, April 20th; and Tuesday, April 26th. The auction will take place on Thursday, April 28th at the Sheraton Clayton Plaza Hotel, 7730 Bonhomme Avenue, Clayton, MO. Registration will begin at 12pm, and the auction will start at 1pm.
For more information on the auction and to view the available properties at pre-auction open houses, call 800-962-0932, email auctionrequest@sheldongood.com, or visit www.StLouis-Auction.com.
ABOUT SHELDON GOOD & COMPANY
Sheldon Good & Company is America's Real Estate AuctioneerTM. As the nation's leading provider of strategic marketing and structured accelerated sales solutions, the firm has a 45-year track record of proven results, has sold billions of dollars worth of properties in every real estate asset class, and has the highest closing ratio in the industry.
Sheldon Good & Company is a Racebrook Portfolio Company, part of a family of enterprises offering a wide range of services in the special situation and opportunistic real estate sector that include: advisory and consulting services; acquisition, investment and disposition capabilities; and workout and restructuring services. The firm's headquarters are based in New York City, with primary offices in Chicago, Miami, Denver, Los Angeles, San Francisco and other strategic locations nationwide.