The Lange & 3620 Texas Apartments

Highlights:

• 27 Total Units Across Two Contiguous Buildings
• Incredibly Finished Apartments
• 2022 New Construction and 2018 Redevelopment
• Off Street Parking
• Tax Abatement on Both Properties
• Assumable Loan on the Lange - 4.14% rate
• Room to Raise Rents - Value Add

Description:

Salient Realty Group is pleased to exclusively offer The Lange Apartments (3600 Texas) & 3620 Texas to the market. These two properties are adjacent to one another and total 27 units. The Lange Apartments were completely redeveloped in 2018 and 3620 Texas was newly constructed in 2022. This +/-22,294 RSF, 27-unit portfolio presents a rare chance to acquire fully-occupied, renovated multifamily assets with stellar track records. The apartment units are beautifully finished and thoughtfully designed. They offer modern living spaces that leave a lasting impression. Both properties have tax abatement (Lange through 2028 & 3620 Texas through 2033). Off-street parking adds convenience and value for its tenants. The Lange Apartments has assumable Fannie Mae debt at 4.14% with a balance of $1.519m. There is also room to raise rents as ownership has held rents for several years.

Gravois Park: A Neighborhood on the Rise

Nestled in the heart of St. Louis, Gravois Park is experiencing a renaissance, blending rich historical architecture with modern urban development. This neighborhood, defined by its boundaries of Cherokee Street to the north, Chippewa Street to the south, Jefferson Avenue to the east, and Grand Boulevard to the west, is not just a place to live but a community to be part of. Cherokee Street is a two block walk to the north of the property and is a vibrant, walkable corridor with tons of local shops, restaurants, bars, and entertainment options.

The area has witnessed significant investment in recent years including community initiatives like the Chippewa Park project which have introduced mixed-use developments, enhancing both residential and commercial landscapes, fostering a vibrant community life. Moreover, the Gravois-Jefferson Historic Neighborhoods Plan ensures that future developments are shaped by those who call Gravois Park home, promising an environment where families and individuals can thrive.

The cultural scene is equally dynamic, with the recent transformation of Love Bank Park into a community hub, where residents can engage in recreational activities, cultural events, and community gatherings. This investment in public spaces reflects a neighborhood that values its residents' quality of life and community interaction. Sump Coffee, one of the City's most popular coffee shops, is located just across Jefferson Ave.

With its strategic location near downtown St. Louis, robust community engagement, and a clear vision for sustainable urban living, Gravois Park is not just a location; it's a lifestyle. This apartment complex offers investors an opportunity to be part of a neighborhood celebrated for its forward momentum, historical integrity, and community spirit. Here, the past meets the future in a way that promises both value and vibrancy for years to come.

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