St. John Neumann Apartments Closes!
We are pleased to announce the closing of our most recent investment, St. John Neumann Apartments, which is located in Jennings in St. Louis County. This development will include the rehabilitation, expansion, and improvement of an elderly apartment complex originally constructed in 1991.
The project will convert 22 of the 25 existing one-room efficiency units into one-bedroom units by combining adjacent efficiencies. Additionally, the project will add 12 one-bedroom units in a new construction addition so that no units will be lost as a result of the rehabilitation. In total, the development will maintain 100 units, consisting of 3 efficiency units and 97 one-bedroom units (11 of which will be larger, accessible units). All of the units will be tax-credit eligible units available for senior residents with incomes at or below 60% of area median income.
Cardinal Ritter Senior Services (CRSS) is the Developer and General Partner and St. John Neumann Apartments represents the second partnership between CRSS and SLEFI. Congratulations to the development team – we are proud to be a part of this project!