Minneapolis based Timberland Partners is pleased to announce the acquisition of Knollwood Apartments, located in Hazelwood, Missouri. Founded in 1992, the company now owns and manages 74 apartment communities totaling 15,574 units in its portfolio spanning 15 states. This is the sixth property Timberland Partners owns in the St. Louis market.
Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
Knollwood is a suburban, garden-style community built in two phases in 1980 and 1984. It consists of one and two and bedroom apartments, hosting amenities such as two outdoor pools, fitness center, two off-leash dog parks, and clubhouse.
A strategic capital improvement plan will be implemented, including rebranding the property to be renamed ‘The Finn’, improving amenity spaces, and unit renovations. Renovations will include new shaker style cabinet fronts, faux wood flooring, stainless steel appliances, 2″ faux wood blinds, updated lighting fixtures, and hardware throughout the units.
Timberland Partners Acquisition Specialist, Brad Swenson, said “We are excited about the acquisition of The Finn; the property is well-located with excellent freeway access. Its location just miles from a sister property within our portfolio creates great economies of scale, and we plan to continue to add value to the property through amenity additions and unit renovations.”