Local investors buy Gonzales apartment complex for $31M

Local investors buy Gonzales apartment complex for $31M




After selling the Tuscany Villas Apartments at Siegen Lane Marketplace for $30 million in January, Hardy Swyers and a group of local investors began working to buy the Mansions at Ivy Lake apartment complex on Airline Highway between Prairieville and Gonzales. The deal closed Wednesday for $31 million. Swyers—whose Ivy Lakes Apartments LLC includes the John Noland family, Matt McKay and David Treppendahl—says the 240-unit apartment complex is one of the nicest in the Capital Region and on the cusp of potential future growth. "Ascension Parish is booming right now, with the cheap natural gas prices," says Swyers. The Mansions at Ivy Lake complex was built in 2006 by the LeBlanc family, known for creating Bengal Roach Spray insecticide, says Swyers. The entire property is 24 acres. "We just think it's a good, long-term hold," Swyers says. "We will know in eight to 10 years, when we go to sell it." —Adam Pearson



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