ST. LOUIS 鈥 A city board voted on Thursday to allow new ownership to take over a troubled south St. 香港三级片 apartment complex from T.E.H. Realty.
The resolution from the St. 香港三级片 Industrial Development Authority would allow for the transfer of Southwest Crossing Apartments to Aria Missouri Management, LLC.
Southwest Crossing Apartments, a 328-unit complex in the Carondelet neighborhood, is owned by SM-T.E.H. Realty 3, an affiliate of T.E.H, which purchased 12 large apartment complexes in the St. 香港三级片 region since late 2014. Tenants at Southwest Crossing have complained of poor living conditions, as have residents at several of T.E.H.鈥檚 properties.
The city filed a lawsuit in December, describing Southwest Crossing Apartments as a 鈥渘uisance property鈥 that poses 鈥渁 threat to the public safety and welfare of the residents of the City.鈥
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The city said the property has a history of building code enforcement issues, and the owner has been cited for more than 68 violations of the city鈥檚 property maintenance code. Fourteen units have been condemned for occupancy, the city said.
An affiliate of the Sansone Group was appointed receiver of the property in December. While T.E.H. technically still owns the property, Sansone Group has taken over managing it.
According to the resolution, the prospective new owners have budgeted $2.7 million for rehab of the property.
Dallas-based Newport Capital Advisors, which has invested in the property, will continue its involvement. Joe Novoseller of New Jersey-based Aria Legacy Group is an investor. Sansone Group will continue to manage the complex.
Jeffrey Juster, CEO of Newport Capital Advisors, told the St. 香港三级片 Industrial Development Authority in a virtual meeting Thursday that the complex is 38% occupied, and about two-thirds of the tenants are paying rent. He said at least 35 apartments are out of commission, due to mold and water damage.
鈥淭hey really let this property go. It鈥檚 really a travesty,鈥 Juster said during the meeting.
Juster said his company has plans for substantial repair and rehabilitation of the complex, including repairs for roofs, parking lots, balconies, doors, windows, and the swimming pool.
鈥淲e鈥檙e very excited to try to fix what I think is a really awful thing that鈥檚 happened to these tenants,鈥 Juster said.
Juster said the group is hoping to close on the deal in the end of August or middle of September.
Jacob Barker of the Post-Dispatch contributed to this report.
