A local couple has purchased an apartment complex at 6875 and 6923 Titian Ave. in Melrose East for $557,000.
Perfect Properties LLC, represented by Shon and Kimberly Dunn, bought the complex from Michael Anthony Johnson Sr. and Travlon W. Johnson in a deal that closed on Tuesday.
Harold Williams, broker of 1st Team Realty, represented Johnson in the deal.
Shon Dunn says the complex consists of two buildings with 10 two-bedroom units each. Seventeen of the 20 total units are occupied.
Melrose East, Dunn says, is an attractive location because of the number of available properties and because he already owns property there.
Williams, who listed the property, also points to nearby Baton Rouge Community College and Ardendale as selling points for the neighborhood.
“The fact that BRCC is nearby—and also the fact that it didn’t flood—makes it very attractive to investors and tenants alike,” Williams says. “I had a lot of interest in it both before the flood and after the flood. It’s been off the charts.”
The property was on the market for 204 days before the Dunns purchased it for $38.54 per square foot, less than the listed price of $580,000, or $40.13 per square foot.
Dunn says he plans to renovate the buildings’ exterior, redo the parking lot and add cameras for security. He also says he plans to renovate each unit as tenants move out. He also says he expects to slightly increase rents, which average about $500 per unit.
“I’m going to go up a little bit, not much. I might increase them up to $525 or $550,” he says, adding that rents at the complex have remained the same for at least three years.
