A New York-based real estate firm has expanded its portfolio of Baton Rouge multifamily properties with its purchase of the Cobblestone at Essen apartment complex for about $14.7 million.
CLK Properties of Woodbury, New York, bought the complex from a holding company owned by TVO North America, an El Paso, Texas-based real estate firm and property management company. The deal closed on Jan. 18.
The complex—located on Essen Lane near Our Lady of the Lake Regional Medical Center—has about 170 apartments as well as a clubhouse, fitness center and pool.
The acquisition brings CLK’s total multifamily properties in Louisiana to nine. In May, the firm purchased the Cypress Lakes Apartment, a complex off of Siegen Lane, for $43.8 million.
CLK’s Baton Rouge holdings also include Sherwood Acres, and Forestwood and Willowbend Lake, and it owns other Louisiana complexes in Shreveport, Harvey and Leesville.
Company officials could not be reached for comment.
Baton Rouge’s multifamily market has been a magnet for out-of-state investors, thanks in part to good values and high occupancy rates due to lingering effects of the August 2016 flood, says Craig Davenport, a commercial real estate appraiser with Cook, Moore, Davenport & Associates.
“There’s still good values in Baton Rouge apartments right now compared to other areas in the country,” he says. “I think that’s what attracts these out-of-state investors.”
—Alexandria Burris
