<p>Hendricks &amp; Partners announced the sale of Byron Place, located at 7546-7550 Byron Place in Clayton, MO. The 19-unit apartment community was sold for $1,700,000.</p>
<p>The Seller was Byron Investments, LLC of Chesterfield, MO. The Buyer was Byron Apartments, LLC of St. Louis, MO. The transaction was negotiated by Steve Pearl of the St. Louis office of Hendricks &amp; Partners on behalf of the Seller. Byron Place was purchased on a current cap rate of 6.35% +/- and currently has lower than market rental rates.</p>
<p>"After the new owner has stabilized his ownership takeover, it is my understanding he will be making various capital improvements to the units and common areas, thus allowing him to bring the rental rates more in-line with the Clayton sub market. I believe that this transaction shows that current cash flow is not the only factor a buyer is looking for in this current capital market climate," Pearl said.</p>