The Juban Court Condominiums in Livingston Parish have been sold for $9 million to Juban Crossing Condominiums LLC. The group, represented by Bubba Lewis, purchased the the 83-unit condominium at $108,433 per unit from Wolf et. al. LLC, represented by Charles Bondy, in a sale that closed Dec. 23.
Wolf et. al. LLC purchased the condos and a 2.65-acre commercial use parcel in July 2013 for $7.2 million, and then did some minor renovations and instituted two rent increases. The parcel, valued at about $500,000, was not part of this most recent deal.
The property had not been actively marketed for sale when some brokers with NAI/Latter & Blum approached the group about selling, Bondy says. Deane Bryson, Ty Gose and M. David Treppendahl combined to broker the transaction.
“It worked out to be a good deal for both the buyer and seller. There is so little good quality multifamily property available in the Baton Rouge area that it made good sense to purchase something with a stable income,” Bryson says.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.
