Elite Street, Rialto Acquire 200-Unit Apartment Complex in St. Louis

ST. LOUIS — A joint venture between Elite Street Capital and Rialto Capital Management has acquired the Lofts at the Highlands in St. Louis for an undisclosed price. The 200-unit apartment property is situated on 2.8 acres at 1031 Highlands Plaza Drive. Completed in 2006, the property features units that average 1,233 square feet. Amenities include a hot tub, grilling area, courtyard, fitness center, business center and recreation room. The complex was 95 percent occupied at the time of sale. Matthew Lawton, Sean Fogarty, Marty O’Connell and Wickliffe Kirby of HFF marketed the property on behalf of the seller, KBS Legacy Partners Apartment REIT Inc., which is a public, non-traded real estate investment trust sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC.