Deal for 20 acres on Ben Hur first step toward another student housing development
Birmingham, Alabama-based Capstone Collegiate Companies is planning to develop a 179-unit student housing complex on Ben Hur Road following the company’s purchase of about 20 acres for $7,028,000.
Arlington Townhomes and Manors would be located just down the road from The Cottages, a 382-unit, 1,290-bed student housing complex at the corner of Ben Hur and Nicholson Drive that Capstone also developed.
“It will have some similarities to The Cottages,” says principal Rob Howland, adding Capstone sold the development about a month after it was completed in August 2011. “We’re looking to have this development ready for August of 2016.”
Capstone purchased the 20 acres at 550 Ben Hur Road from Metairie-based Asterrone LLC, according to sale documents. According to the Louisiana Secretary of State, registered officers for Asterrone LLC are V. Price LeBlanc Jr., Clifton LeBlanc, Brent LeBlanc and Charles Bondy.
Aside from The Cottages, Capstone has developed two other student housing projects in Baton Rouge—University Commons and Fieldhouse Baton Rouge—but sold them both, too. Howland says the company’s strategy on some properties is to develop them and quickly sell, but it also retains some properties following completion. University Commons, he notes, was completed in August 1995, but was not sold by the company until October 2006.
“With this one we’ve got some flexibility,” he says of plans for Arlington Townhomes and Manors. “If we have the right price we could sell it, or we may decide to hold onto it.”