The Pinecrest Apartments is a 64-unit garden-style apartment community built in 2014. Located on 5.98 acres in a park-like setting in Dardenne Prairie, minutes from Lake St. Louis in St. Charles County, the fastest-growing county in the state of Missouri.
- This complex provides an immediate opportunity to raise rents as-is, and also with additional updates and amenities.
- The apartments feature 1,000 square foot apartments each with 2 bedrooms and 2 baths.
- Units have washer-dryer hookups, walk-in closets, dishwashers, microwaves, and central air conditioning.
- The complex has a management office and a covered sitting area for tenants.
- First-floor units feature 9′ ceilings and second-floor units have 8′ ceilings.
- Apartments have 2″ x 6″ exterior walls with R-19 insulation.
- Rents for new tenants and renewals have recently been increased from $1,000 a month to $1,165 a month + $35 a month for water, sewer, and trash.
- Market rent for similar 2-bedroom apartments nearby range from $1.25 – $1.44 sq ft ($1,250- $1,444 based on a 1,000-square-foot apartment).
- Rents could be further raised with additional updates and amenities like granite countertops, stainless steel appliances, and providing washers and dryers in the units.
- There is also potential for a clubhouse with a pool and gym, along with a dog park on the property.
- Similar-sized apartments with additional updates and amenities rent from $1,850 – $2,105 nearby.
Link to virtual tour: https://bit.ly/45keReH