Dave Treppendahl, a commercial broker with ReMax First Commercial Real Estate, has closed more than $50 million in apartment sales in Baton Rouge and Houma over the past 60 days.
On July 31, Treppendahl closed the Tiger Plaza Apartments on Alvin Dark Drive in Tigerland, which were owned by R.W. Day Management and sold to Tiger Plaza-Ucal for about $21.3 million, or about $70,835 per unit in the 300-unit complex.
Denver-based University Communities represented Tiger Plaza-Ucal. Treppendahl says University Communities intends to significantly update Tiger Plaza, including pitched roofs. The complex was built in the 1970s and rehabilitated when R.W. Day purchased it several years ago.
Also on July 31, Treppendahl closed the Stadium Square Apartments, adjacent to Tiger Plaza on Earl Gros Avenue and also owned by R.W. Day, sold to Stadium Square-Ucal for about $2.6 million, or about $30,400 per unit in the 74-unit complex.
University Communities represented Stadium Square-Ucal. Stadium Square and Tiger Plaza will run under the same management, similar to R.W. Day’s operation.
On June 26, Treppendahl closed the Wedgewood Apartments, on North Lodbell Avenue on the outskirts of Melrose East, for $5 million, or about $20,325 per unit for the 246-unit complex.
The seller was A & R Properties, represented by Allen and Ruby Ann Walsh. The purchaser was Hawthorne Heights Apartments, whose principles include Roland Von Kurnatowski of New Orleans. The principles of Hawthorne Heights had also purchased Tall Timbers Apartments on Ardenwood Drive several years ago, and the Wedgewood Apartments is a similar acquisition.
I should point out that Wedgewood was able to close even though the mortgage broker in the transaction was fellow Real Estate Weekly columnist Brian Andrews.
Treppendahl also closed the Springbrook Apartments on George O’Neal Road just east of Jones Creek Road, for about $14.6 million, or about $72,935 per unit for the 200-unit complex that was built in 1999. The seller was Tapestry Springbrook Apartments, and the buyer was Baton Rouge Residential Associates Two, which is a 1st Lake Properties company.
Finally, Treppendahl closed the Acadia Park Apartments on Laban Avenue in Houma for $6.7 million, or about $34,895 per unit for the 192-unit complex that was built in 1973 by Roy Schnebelen & Associates. The purchasers included A.C. Lewis II of Baton Rouge.
The Houma-Thibodaux area had the greatest price appreciation over the past year from among 292 cities studied by Money magazine.
It’s interesting to note that most of the sellers were locals, while most of the purchasers were out-of-state investors.
12.7 acres purchased
A 12.7-acre site located on Greenwell Springs Road has been purchased by Louisville, Ky.-based LDG Development for $1.3 million, or about $2.36 per square foot. The site adjoins the branch of the East Baton Rouge Parish Library and is between North Sherwood Forest Drive and Monticello Boulevard. The seller was Dora K. Moak.
LDG Development intends to build a multi-family development called Mallard Crossing with 188 units, says Danny Watts with Sealy Falgoust Realtors, who brokered the transaction. Watts says Mallard Crossing has been in the works for a while, but the project was delayed because of trouble in the credit markets.
Ty Gose with Latter & Blum Realtors represented the LDG Development, which intends to start construction on the apartment project before the end of the year. Gose says the development will be affordable housing aimed at tenants such as teachers, firefighters and police.
LDG has built apartment complexes in Louisville and Indianapolis and is working on a project in New Orleans.
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