Now that developer Kevin Nguyen has closed on a $3.2 million deal to acquire 61.5 acres of vacant land on Ben Hur Road, just south of the intersection of Burbank Drive, he’s not wasting any time in moving forward with a new subdivision called Lake Villas.
“The market is hot right now and rates are low, so you have to roll. You can’t wait,” Nguyen says. “Houses should be ready by the spring of 2016.”
Lake Villas will be located on the south side of Ben Hur between a pair of recently-developed upscale apartment developments: The Exchange and The Cottages. A total of 191 homes are planned in the subdivision.
“It’s going to be beautiful,” says Nguyen, adding homes will measure about 2,000 square feet each and be priced around $230,000 to $250,000. “It’s going to include a big, big lake—about 22.5 acres—and another eight acres of common area.”
Nguyen says the location will be ideal for young professionals who work at LSU and the surrounding area, and he also expects Lake Villas to appeal to parents of LSU students who are looking to purchase a home as an investment.
“You look at University Villas,” says Nguyen of the subdivision located off Burbank, about two miles south of his planned subdivision. “Those houses are selling like hot cakes out there right now, and this location is even better. It’s even closer to LSU.”
Nguyen closed on the 61.5 acres for the subdivision on Wednesday. The seller was University Pud LLC, represented by John F. White Jr. See the final development plan for Lake Villas, which was approved by the Planning Commission in April.
Editor’s note: this story has been changed since its original publication. A previous version stated the lake in the subdivision will be 2.5 acres. The lake will be 22.5 acres. Daily Report regrets the error.