5700 Highlands Plaza Dr, Saint Louis, MO, 63110-1307, US

Encore at Forest Park

Asset description

Jones Lang LaSalle (“JLL”) is pleased to present Encore at Forest Park (“Encore”), a Class-A, 247-home mid-rise apartment community featuring a premier location next to St. Louis’ Forest Park, as well as nearby downtown Clayton and Central West End. Encore offers an unbeatable live/ work/play location that is a short commute to all Forest Park has to offer, as well as top employers, entertainment, retail, restaurants, and downtown St. Louis. This can’t-miss investment opportunity is available free and clear or via assuming the favorable existing loan (2.4% fixed rate, full term I/O, 55 months remaining).

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Attributes

Units

247 units

Occupancy

98%

Year built

2018

Parking spaces

400

Media

Investment highlights

Premier Location

• Adjacent to beautiful Forest Park

• Abundance of entertainment, restaurant and retail options surrounding Forest Park, including Clayton and Central West End

• Proximate to Barnes Jewish Hospital, Wash U, Saint Louis University, Cortex Innovation District, and other top employers, education, and healthcare

Incredible Tax Benefits

• Desirable tax abatement in-place through 2043

• Assessed valuation for improvements is 100% abated through 2028. Beginning in 2029, the property is 50% abated on the full appraised value of the land and improvements

Best-In-Class Development with Top Amenities

• Part of walkable master-planned development inclusive of restaurants, fitness, healthcare, hospitality, office, and private park

• Unbeatable community amenities including a resort-style pool

Superb Property Performance and Submarket

• Last 75 leases show a 5% premium over in place effective rents

• Strong Occupancy (98%)

• Zero properties under construction within a 1-mile radius