An Atlanta company specializing in the acquisition and management of multifamily properties has purchased a flood-damaged Baton Rouge apartment complex for $33 million.
Audubon Communities bought the St. Jean Apartments on South Harrell’s Ferry Road, near O’Neal Lane, in a deal that closed late last week.
The company bought the complex through a limited liability company called ACV Baton Rouge. The sellers are listed as St. Jean Clermont Tic LLC and St. Jean Tic II LLC.
More details will be released on the purchase of the St. Jean Apartments within the next couple of days, says Gary Tanner, an Audubon Communities spokesman. Audubon also owns Bella of Baton Rouge, a once-distressed property located between Old Hammond Highway and Interstate 12.
“They have a track record of acquiring and turning around distressed properties, like Bella of Baton Rouge,” Tanner says. “That property was in poor condition and had low occupancy when Audubon Communities acquired it in 2012. It was extensively renovated and was 95 percent occupied when the flood occurred last year.”
Both complexes were heavily damaged during last August’s flood. In June, Audubon announced that it completed $7 million in renovations to Bella of Baton Rouge and reopened it in late June.