CREVE COEUR, MO—New York City-based L3C Capital Partners LLC recently closed its purchase of a four-property apartment portfolio in the suburbs of St. Louis for $115 million.
HFF arranged acquisition financing for the purchase of the 1,447-unit portfolio. HFF had marketed the properties on behalf of the sellers, DRA Advisors LLC and Camden Property Trust.
L3C Capital purchased the four assets and engaged the HFF debt team to arrange a Freddie Mac CME financing on the portfolio. Norfolk, Va.-based Harbor Group International LLC provided $10 million in preferred equity investment. Village Green, based in Farmington Hills, Mich., has been retained as construction manager to perform more than $8 million in renovations and upgrades to the properties.
The portfolio is comprised of four properties all operating under the Camden name. The assets are: the 420-unit Camden Cedar Lakes in Lake St. Louis, and the 276-unit Camden Cove West, the 591-unit Camden Cross Creek and 160-unit Camden Westchase here.
The HFF investment sales team representing the sellers was led by Executive Managing Director Matthew Lawton and Managing Directors Sean Fogarty and Marty O’Connell. The HFF debt team was led by Managing Director Matt Schoenfeldt. “These four communities have been institutionally owned and managed and include excellent value-add opportunities for the new ownership group,” said Lawton in a statement.