Cook: Kenilworth Ridge Apartments, Sam's Club warehouse sold in separate deals
David Treppendahl has purchased the 74 one-bedroom apartment complex at 994 South Kenilworth Parkway known as Kenilworth Ridge Apartments for $2.1 million, or about $28,400 per apartment. Treppendahl was represented in the deal, which closed Oct. 20, by Deane Bryson of NAI/Latter & Blum Commercial Properties. The sellers, Howard and Sandy Dennis, were represented by Ben Skillman of Skill Real Estate Company. According to Treppendahl, the property is 90% occupied and is producing an overall rate exceeding 10%. "The project is not a student property per se. We are working more toward individuals seeking a quiet, safe place to live near the growth area, and plan to target employees at the (newly opened L'Auberge) Casino and those at the LSU South Campus," Treppendahl says. He's also planning some minor deferred maintenance and upgrades on the property, but says it is in good condition overall.
—The warehouse building formerly occupied by Sam's Club on Airline Highway at South Choctaw Drive was sold on Monday for $2,650,000. The seller was Fenwood Associates, a New York general partnership, and the purchaser was RCK Investments LLC. Jonathan Walker of Maestri-Murrell brokered the deal. This is a good-quality, single-tenant retail building occupying a 14-acre site, containing 120,000 square feet; and the sale price calculates to $22 per square foot.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
Editor’s note: This story has been changed since its original publication. An earlier version of this story incorrectly identified Jonathan Starns of Maestri-Murrell as broker on the deal. Real Estate Weekly regrets the error.
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