Two Delaware limited liability companies represented by the same manager paid $18 million for two Baton Rouge apartment complexes in deals that closed earlier this month.
MT Apartments LLC bought Magnolia Trace Apartments at 11585 N. Harrell’s Ferry Road for $8.5 million, according to sale documents filed with the East Baton Rouge Clerk of Court on Thursday.
CR Apartments LLC paid $9.5 million for the Copper Ridge Apartments at 2080 Lobdell Blvd. Both companies are authorized to do business in Louisiana and have a mailing address listed as 5755 N. Point Parkway, Suite 22, Alpharetta, Georgia.
Each was represented by its sole member, Tripoli Management Inc. President William Millard Choate. Through an assistant, Choate referred questions about the deal to Alex Hertz of Newcastle Properties LLC. Hertz did not immediately respond to messages left by Daily Report.
Preserving Louisiana’s Affordable Housing I and Preserving Louisiana Affordable Housing II are listed as the sellers. The entities are represented by the Frank Cerbini, vice president of acquisitions for The NHP Foundation, a national nonprofit real estate agency based in Washington, D.C.
