As city-parish officials and area developers continue a push to revive a stretch of Government Street in Mid City with new commercial projects, a group of Baton Rouge developers is working to compliment the progress with nearby residential redevelopments along North Boulevard.
The investors, led by John Bugea, have just purchased three apartment buildings at 2618, 2650 and 2680 North Blvd. for $550,000 total. They’re planning some interior and exterior renovations, which they hope to have complete early next year.
“We really feel it can be a hidden gem of that Mid City neighborhood,” says Bugea, owner of John Bugea Real Estate. “We’re all familiar with the public and private investment happening up and down Government Street, but most of those projects are concentrated on the commercial side, so we’re looking to make some similarly timed investments on the residential side along the North Boulevard corridor.”
Bugea and Derek Fitch, along with Jake Holinga and Ryan Juneau, purchased four homes on North Boulevard and Gottlieb Street for $200,000 in October last year to kick off the effort. The homes—located only a block from the apartment buildings purchased—have since been renovated and are being leased. The investors are working on putting together funds for a second round of home buys in the area, Bugea says.
“We’re definitely hoping to capitalize on the continued momentum this multifamily rehab will create in the area,” he says.
The three apartment buildings on North Boulevard consist of a dozen two-bedroom apartments. They were sold by Stuart Nixon and Brenda Chaumont Nixon, according to sales documents.
—Steve Sanoski
