New Orleans investor buys third apartment complex in Melrose East

    A New Orleans investor who already owns two apartment complexes in Melrose East purchased a third Tuesday for $1.78 million.

    Ryer Investors, represented by Ryan Bodin and his wife, Jennifer Bodin, purchased the Cabana Gardens apartments at 6875 Harry Drive from Cabana Partners LLC, represented by Len Kola, according to sale documents filed with the East Baton Rouge Parish Clerk of Court’s Office.

    The Bodins purchased the Degas Manor apartments on Monet Drive for $1.95 million in December.

    Then in February, Block Investors, represented by Ryan Bodin and Texas pharmacist George Lock Paret IV, purchased three Melrose East apartment buildings that are part of Bon Carre Courts for $2.8 million total. The apartment buildings are located at 854 N. Donmoor Ave., 6867 Titian Ave. and 6645 Harry Drive.

    Ryan Bodin has told Daily Report that he likes the area and wants to bring each property to 100% occupancy.

    Bodin’s newest investment, Cabana Gardens, consists of 68 one- and two-bedroom units.

    “The acquisition of additional units within close proximity to purchaser’s existing assets was very attractive to the purchaser,” says Troy Collins, a commercial real estate advisor with SVN | Graham, Langlois & Legendre. Collins and fellow SVN broker Justin Langlois brokered the deal together.

    The new owners will make cosmetic changes to the units’ interiors and have plans for exterior renovations as well, according to a news release from Collins and Langlois.

    The Cabana Gardens and Bodin’s other properties sit near the 200-acre Ardendale development in the former Smiley Heights neighborhood.

    Bodin is not the only investor scooping up property near Ardendale. David Treppendahl, head of NAI/Latter & Blum’s Multi-Family Division, purchased the 284-unit Hawthorne Heights apartment complex for $2.9 million in March. He plans to rename Hawthorne Heights, which sits at 2136 N. Lobdell Blvd. to Ardendale Oaks Apartments.

    —Ryan Broussard

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