An apartment complex on Gardere Lane near Burbank Drive changed hands after a Metairie-based private multifamily real estate investment and management company acquired it.
Cypress Communities bought the Teakwood Village Apartments through Cypress BR 515 LLC from Teakwood GN LLC for $6.7 million, according to sales documents filed Friday with the East Baton Rouge Parish Clerk of Court’s office.
Cypress Communities owner Louis Rodriguez represented the buyer and Jonathan Fine represented the seller.
Teakwood Village offers one- to three-bedroom plans. The three-story complex was built in 1974 and has 135 units.
Through its management organization, Cypress Asset Management, Cypress Communities owns and manages 847 apartment units in Louisiana and Mississippi. The company also owns and operates Live Oaks Apartments on Jefferson Highway and Stumberg Lane, which it acquired in 2019 for $15.3 million.
