Siegen Oaks Apartments, a fully-occupied, 44-unit complex on Siegen Lane, has been sold to a New York-based investor for $2.4 million.
“It’s a great investment because of the location,” says Chad Rigby of Stream Realty, who represented the buyer, Geoffrey Vitale, who purchased the complex under a limited liability company calls S.O. Apartments. “I know Geoff plans to do some exterior renovations at the complex and raise the rents.”
The complex is made of up of 11 separate four-plexes and was built in the mid 1980s, says Rigby. It’s located on Siegen Lane between Perkins and Highland roads. Average rents at the complex are currently about $900 per month, says Rigby, adding he’s not sure when rents may increase or by how much.
A limited liability company called Siegen Oaks Apartments, represented by Leon Gary Jr. of Birmingham, Alabama, sold the complex, according to sale documents filed with the East Baton Rouge Parish Clerk of Court.
Vitale owns New York City-based Giraffe Real Estate Corporation. Rigby says he’s not aware of any other Baton Rouge area holdings Vitale currently has.
—Steve Sanoski
