Two vacant tracts of land near the intersection of West Lee and Burbank drives, which make up just under 30 acres total, have been sold for roughly $3.7 million to the developers of The Woodlands apartment complex on Nicholson Drive, which is near the purchased land.
TOP SPE #2 LLC, managed by David Mulkey—CEO of Athens-based Dovetail Development—purchased the land from University PUD LLC, managed by John F. White Jr. Mulkey did not say if the Woodlands had plans to expand.
“It’s zoned for a variety of uses, so it seemed like a good investment,” Mulkey says.
Dovetail Development has produced apartment complexes in college towns across the South. The 291-unit Woodlands complex was completed in 2012. A Woodlands expansion would join the 304-unit Exchange apartment complex at 449 Burbank Drive, across Ben Hur Road from the purchased land, part of which opened this fall.
More new apartment complexes are expected to open in the LSU area next fall, including The Standard at Baton Rouge, a 274-unit complex bordered by West Chimes, Alaska, Aster and Iowa streets, and Sterling University Housing, a 235-unit complex at 4194 Burbank Drive. Over 2,700 units are expected to come on the Baton Rouge apartment market by the end of 2015.
