DeBaliviere Place Apartments, Commercial Space Up For Auction
|A big chunk of the neighborhood just west of the Central West End is officially for sale.|
Having you dreamt of owning an apartment building in the city's leafy western end? OK, what about being landlord to the acclaimed Atlas Restaurant?
You could have your chance on April 28, when Sheldon Good & Company prepares to auction off the apartment buildings, commercial space and remaining condo units that were part of the Mills Company/ING Funds' $90 million investment in DeBaliviere Place. That area is just north of Forest Park, between the Central West End and the Delmar Loop -- and the properties include both the final remaining units in the Bolton and Marlborough buildings, as well as five large apartment buildings.
Mark Troen, chief operating officer of the auction company, tells Daily RFT that the companies began their efforts to redevelop the historic neighborhood roughly ten years ago. Now, with the condo units almost entirely sold -- and the apartments at close-to-full occupancy -- it seemed like a good time to sell.
"This is not a distress sale," Troen assures us. "It's a strategic relocation of funds." And while an auction is itself a bit unusual, Troen says it's his company's preferred way of doing big deals like this one.
"It's not a conventional way to sell, but it definitely grabs the market's attention," he says.
The good news for DeBaliviere Place's rental residents? They have no need to pack their bags at this point. While it's up to the buyers, Troen says that St. Louis-based Mills Company, the apartments' managers, has indicated its willingness to stay on and work for whatever new buyers end up making the purchase.
That said, the one thing that might change are the recreational amenities for renters. The two swimming pools and fitness center are being sold as a part of a three-property package, and Troen acknowledges that their buyer could choose to redevelop them into new multi-family housing.
The properties to be sold include the following addresses:
* 5528-40 Pershing, which includes 107 apartment units in three buildings
* 5560 Pershing, which includes 53 apartment units
* 5660 Kingsbury, which includes 63 apartment units
* 5654 Delmar, a 26-unit apartment building with 9,200 commercial square feet
* 5501 Pershing, a four-unit commercial building that includes Atlas Restaurant
* The remaining fourteen condo units in the Marlborough, 5696 Kingsbury
* The remaining four condo units in the Bolton, 5625 Kingsbury
* A three property package that includes 5595 Pershing (the current sales office, plus a fitness center), 5539 Pershing (home to a pool and tennis courts) and 5647 Waterman, a one-third acre lot with a swimming pool.
Interested buyers are encouraged to contact Sheldon Good at 800-962-0932 or check out the company's website at www.StLouis-auction.com, which features a wealth of information about what's being sold.