The 220-unit Bella of Baton Rouge Apartments on Boulevard De Province has sold for $3 million, according to sales documents filed Monday with the East Baton Rouge Parish Clerk of Court’s office.
Bella of Baton Rouge Apartments LLC, represented by Arthur Kantorovich, purchased the property from RSS WFCM2015-SG1- LA BRC LLC, represented by Adam Singer. The selling company shares the same address as Rialto Capital Advisors LLC in Miami.
Louisiana Secretary of State records show Singer as managing director and head of asset management and servicing for Rialto Capital Advisors LLC.
Online records list the registered agent for Bella of Baton Rouge Apartments LLC as Business Filings Inc. on Plaza Tower Drive. The company’s mailing address is in Brooklyn, New York.
The Capital Region apartment market in the Capital Region has shifted from prior to the pandemic when occupancy rates had been declining for several years, as reported in Business Report.
Cook, Moore, Davenport & Associates, in conjunction with LSU’s Real Estate Research Institute, the Commercial Investment Division of the Greater Baton Rouge Association of Realtors and the Baton Rouge Apartment Association, analyzed rental and vacancy data from 241 apartment complexes earlier this year and compared the information to data from prior years.
The vacancy rate had risen to 5.57% from 4.77% in spring 2023, but was still slightly lower than the historical norms of 6% to 7%.
While rent prices grew nearly 2%, renters in the Capital Region are no longer seeing the substantial rise in rents—averaging 10%—observed in 2021-22.
Job growth—which drives population growth and apartment demand—has also recovered since the pandemic, with unemployment hovering around a historically low 4%.
Significant factors that will drive the long-term demand for additional housing units in the Baton Rouge area include the number of jobs that can be added locally and the development of needed infrastructure to accommodate that growth.
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