Project
Acquisition and proactive turnaround marketing of the historic high rise Monticello Apartments in St. Louis, Missouri.

Location
In the heart of the city's fashionable, turn-of-the-century Central West End, now a center for Georgetown-style residences, distinctive shops and boutiques, fine restaurants and friendly pubs, and a burgeoning night life scene.

Project Scope
This seven story, 70-unit, architecturally significant building, built in the 1920s, is listed on the National Register of Historic Places. Kohner's acquisition and renovation budget was $700,000.

Challenges
Most developers shun older, urban properties like the Monticello as heirlooms which do not lend themselves to modern lifestyles. Extensively renovated less than ten years before being acquired by Kohner Properties, the Monticello had in fact proved challenging to manage and market effectively. Its turn of the century floor plan presents nine unique apartment configurations, more than half of them compact studios, with the building's largest units being 700-square-foot one bedroom apartments.

Opportunities
In addition to its proximity to the city's most vibrant night life, the Monticello is just minutes from downtown, and in close proximity to Forest Park, two major universities, and one of the nation's leading hospital and medical school campuses. It is one of the best examples in St. Louis of the early twentieth century beaux arts school of design, and an integral part of the old world charm of the surrounding area.

Solution
Kohner's marketing strategy and its management team for the building focused directly on the demographics of the surrounding Central West End and their appeal to active urban young people, stressing the benefits of a unique, high quality, upscale environment at extremely affordable rates. Kohner also emphasized features like the attractive interior finishes and beautiful Euro design kitchens which are right for an on-the-go lifestyle. Marketing presentations for the Monticello were targeted carefully to cosmopolitan students and young faculty associated with the nearby universities and hospitals, for whom the compact size of the units and their location within walking distance of shops, restaurants, and pubs are important convenience factors. Convenient underground parking is available, security systems are state-of-the-art, and maintenance is meticulous.

Outcome
From an occupancy rate of 80 percent before Kohner assumed ownership, the Monticello has maintained virtually a 100 percent occupancy (plus an enviable waiting list of prospective tenants) since Kohner took over. Even with a presumably transient tenant base (with a high percentage of medical students and faculty), Kohner has been successful at minimizing tenant turnover.

Community Impact
With its unique historical character, the Monticello has become not only a distinctive and sought-after residence center in the city, but an anchor for its urban neighborhood as well.