A New York City investment firm that acquires, manages and repositions student housing properties has purchased Wildwood Baton Rouge, a 204-unit luxury apartment complex near LSU, for $52.5 million.
AGP Wildwood Owner, a limited liability company registered to Alden Street Acquisitions, bought the 18-building complex from Dovetail Development, the Athens, Georgia-based developer of the complex, according to sales documents.
Located at the intersection of West Lee and Burbank drives, Wildwood consists of two-, three- and four-bedroom apartments, a study lounge, game room, cyber cafe, gym and resort pool area.
Alden Street Acquisition is an affiliate of New York City-based Alden Street Capital Management. Principals Jonathan Krasner and Greg Olbrys could not be reached for comment this morning.
Formed in 2015, Alden Street seeks to invest in value-added projects, according to a press release. The firm has contracted for and/or acquired more than 11 student housing assets, across the U.S., amounting to more than $225 million of real estate and 4,000 beds.
The Wildwood joins a growing list of Baton Rouge multifamily properties bought by out-of-state investors in recent years. The Cypress Lakes Apartments off Siegen Lane sold to a New York company for $43.8 million last year, and an Atlanta firm bought the flood damaged St. Jean Apartments for $33 million in August.
Four LSU-area student housing complexes—The Cottages of Baton Rouge, University Crescent, U Club Cottages and Burbank Commons—sold for $128 million as part of a larger deal to a California firm in 2016.
