Downtown Developer Buys Washington Avenue Apartments
Date Posted: February 13, 2025
Posted In: News,
From St. Louis Business Journal: St. Louis real estate firm Oliver Properties has expanded its downtown holdings by acquiring another apartment building along Washington Avenue.
Oliver Properties has added the Bee Hat Lofts, 612 N. 11th St., located at the intersection of 11th Street and Washington Avenue, to its residential portfolio. Oliver Properties, which owns two nearby apartment buildings, says it has now invested more than $50 million along a strip of Washington Avenue between Tenth Street and Tucker Boulevard.
Alex Oliver, owner of Oliver Properties, said his firm will invest about $5.5 million in the acquisition and renovation of the 36-unit Bee Hat Lofts. The investment figure includes about $1 million in renovations. A sale price wasn’t yet record with the city.
The Bee Hat Lofts are about 70% occupied, Oliver said. The loft building includes two ground-floor tenants, Bella’s Sweet Treats and Boozy Shake Shop at 1021 Washington Ave. and restaurant Rooster at 1025 Washington Ave. Both tenants will remain at the building under its new ownership. The acquisition of the Bee Hat Lofts is a “continuation of our assemblage strategy that gives an opportunity to have a cohesive and economy of scale when it comes to management, marketing and operations and continue to make sure we can continue to drive residents and retail and people on Wash Ave,” Oliver said.