A New Orleans couple has purchased Degas Manor, a three-building apartment complex on Monet Drive in the Melrose East neighborhood, for $1.95 million.
Ryer Investments, whose officers are Ryan and Jennifer Bodin, purchased the buildings from Pine Manor Holdings LLC and California-based Sabal Financial Group LP in a sale filed Friday with the East Baton Rouge Parish Clerk of Court’s Office.
The property sold at a 12.5% cap rate, according to an online listing of the property. The cap rate is the net operating income of a property divided by the property value, and it reflects future earnings expectations for the property.
The couple purchased the 60,000-square-foot Degas Manor as a long-term investment, Ryan Bodin says. The buildings, which encompass 72 apartments total, sit at 686, 747 and 763 Monet Drive and are more than 80% occupied.
Ryan Bodin says NAI/Latter & Blum, which has managed the property for about eight to 10 months, left the buildings in great shape. He says only minor renovations are needed for the most part, such as replacing the carpet in some units, but he may have to change the roof on one of the buildings.
The complex is located near Florida and Lobdell boulevards and sits behind the Bon Carré Business Center. It features 24 one-bedroom, one-bathroom units; 24 two-bedroom, one-bathroom units; and 24 two-bedroom, one-and-a-half bathroom units.
Ryan Bodin says his next step is finding tenants for the open units to try to reach 100% occupancy.
—Ryan Broussard
