Tours & Pours STL - Chapel View Apartments Featuring Ben Margalski!

Make it Happen Multifamily is pleased to present Tours & Pours - Chapel View Apartments (Case Study) featuring Ben Margalski!

The Apartments is a 120-unit apartment complex on 4249 Michigan Ave. St. Louis, MO. 63111.
Event Overview
The property tour “TOURS” will be a case study presentation at Schlafly Tap Room 2100 Locust St. St. Louis, MO 63103 starting at 6 PM.

The networking event “POURS” will be after the presentation.

Tours & Pours is a monthly event attended by some of the multifamily industry's top owners, investors, brokers, and service providers. Invite your friends, bring some business cards, and build real relationships with new colleagues.

RSVP YOUR SPOT TODAY!!!

Property Overview

Since acquiring the property in September 2020, ownership has significantly enhanced both the aesthetic and structural aspects of this 120-unit brick building. In the fall of 2020, a new Air Conditioning Compressor & Pump was installed, followed by the replacement of the Boiler in early spring 2021. Our maintenance team has undertaken the replacement of multiple waste plumbing stacks, having completed nine out of twelve stacks, along with the laundry stack and horizontal drain assemblies. Planned upgrades include the installation of a new water pump, which was delayed to prioritize internal plumbing enhancements necessary to support increased water pressure.

Upon acquisition, the building's occupancy stood at approximately 55%, with several tenants in arrears and others classified as nuisance tenants necessitating their removal. As a result, occupancy temporarily declined to 40%. Through concerted efforts led by Bryan Martin, the onsite Property Manager, and our ownership team, occupancy has steadily increased and currently stands at nearly 75% as of May 2024. With all infrastructure upgrades finalized, attention has turned towards replacing hallway carpeting with durable solid-surface flooring. Anticipated improvements are proceeding as scheduled, aiming for full occupancy by early fall 2024.

Ownership has made substantial investments in both internal and external infrastructure, enhancing approximately 50% of the units with new cabinetry and upgrading appliances in approximately 80% of the units. Additional improvements include the enhancement of the secured parking area with an updated gate entry system in 2023 and replacement of the secured entry keyless door system for building access. Elevator equipment was also upgraded and rebuilt in 2024.

Chapel View has established a partnership with St. Patrick’s Center on several housing initiatives, prominently including the Transition in Place Veteran Program underwritten by the VA. These programs operate under a Master Lease, ensuring rents and utilities are set at Fair Market Value annually.
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Owner Feature Overview

Based in St Louis, MO, Ben Margalski is a Member of the National Multi-Housing Group with Marcus & Millichap specializing in Multi-Family properties in the St Louis MSA and regionally.

Since 2014, Ben has been active in acquisitions and dispositions of portfolio and single asset sale transactions and successfully closed over 85 Multi-Housing transactions with a total sales volume of just over $94 Million dollars and over 1200 total units. His extensive knowledge extends throughout all aspects of multi-housing investments including mixed-use, market rate, affordable, LIHTC, and HUD properties. His involvement and familiarity with clients and deals throughout the Midwest allow him to provide clients with a well-rounded view of their assets.

Prior to investment real estate sales, Ben enjoyed a six-year professional baseball career with the Philadelphia Phillies, Cleveland Indians, Montreal Expos, & Texas Rangers professional baseball organizations (2001-06). He has also successfully owned three small businesses that allow him to provide a unique ownership perspective & insight for his clients.

Host or Publisher Lee Fjord