The peach tree apartment complex in St. Louis was recently sold for a whopping $13.5 million. The buyer Mills properties have been known for its big business and now they have proved that they can have what they want. The complex consists of 156 units so it is a very large building.
Mills Properties Inc. added to its apartment portfolio with the $13.5 million acquisition of Peachtree Apartments in Chesterfield.
The complex consists of 156 units in 11, 2-story buildings located near the intersection of Olive Boulevard and Chesterfield Parkway. It’s currently 92 percent occupied, according to Kirk Mills, president of St. Louis-based Mills Properties. Kirk Mills, 43, and his father,Bruce Mills, 72, own the company.
Kirk Mills said the Peachtree acquisition was a 50-50 partnership between Mills Properties and a private investor whom he declined to disclose.
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