Ritter acquires former Boulevard Apartments

Jared Ritter, broker and owner of Ritter Real Estate, bought his first property at 22 and always dreamed of doing larger remodels.

His latest purchase Feb. 16 certainly fulfills that dream: a 70-unit apartment complex at 45 S. West End Blvd. in Cape Girardeau that more than doubles the number of apartments he owns.

"The 70 number exactly has been a target of mine for six years now," Ritter said. "... To have that as my goal and hit that exact number is pretty surreal."

Ritter named the acquisition Sunny Hill Suites on the Boulevard, harkening back to the former Sunny Hill Restaurant that used to be on the spot as well as the building's former name Boulevard Apartments.

He plans to completely renovate the complex by adding new paint, fixing the elevator and repairing the parking lot.

"A project of this size ... there's definitely a lot more things to take into consideration, especially for such a large remodel," Ritter said. "We're immediately going to put over a million dollars into the property. When you have to go through that kind of analysis, you have to make sure the deal works as a business."

Sunny Hill Suites on the Boulevard will feature 48 efficiency apartments, 21 one-bedroom apartments and a single three-bed, two-bath apartment converted from the building's office space.

Ritter said he would tackle a side of each floor at a time, renovating some six to eight apartments apiece and having those available to rent as he completes the building.

He said he would work with existing tenants as he remodels the property. Apartments would start at around $650 a month, he said, though because of their varying sizes some would cost more to rent.

Before this property, Ritter's largest acquisition was the Vasterling Suites building in downtown Cape Girardeau. That mixed-use building features 24 residential apartments.

"We've always believed we could take on a bigger project ... (and) we felt like this was the one," he said.

He said those wishing to rent units could contact Preferred Property Management at (573) 979-0693.

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