Ministry buys Lafayette, Lake Charles apartment complexes

Tennessee-based Global Ministries Fellowship Foundation has bought seven apartment complexes in Lafayette and Lake Charles in a $40 million-plus transaction. Atlanta-based Apartment Realty Advisors handled the sale of the 1,105 units to the organization, which invests in real estate opportunities that provide affordable housing for low- to moderate-income residents around the nation, providing a home where both social and spiritual services are extended to residents. Lafayette properties included in the deal were Mon Chateau Apartments, 2820 Louisiana Ave., which has 80 units; and Pinhook South Apartments, 200 Merchants Blvd., which has 240 units. Lake Charles properties included in the deal were Le Chateau Apartments, 4404 Canal St., 200 units; Shadowood Apartment Homes, 1045 Walters St., 180 units; Suffolk Manor Apartment Homes, 2960 Lake St., 220 units; Trace Apartments, 211 Louie St., 105 units; and Willow Bend Apartments, 1515 W. McNeese St., 105 units. “Despite significant challenges presented by the credit crunch and volatility in the bond markets, everyone involved worked together to bring the deal to a win-win closing,” says Matt Heininger, who represented the owner of the existing financing. “The residents will be served by an active and caring nonprofit committed to reinvesting in the communities of Lafayette and Lake Charles.” Heininger said the new owner was attracted to the long-term growth forecast in Lafayette and Lake Charles, and plans to increase income at the properties through “improved management and efficiency.” Global was founded and is run by President & CEO Rev. Richard Hamlet, who was an investment professional for 15 years before being ordained a Baptist minister in 1997. The GMF Foundation web site says its mission is “to multiply missions, monies and mentoring to every crevice of the globe for the glory of God and the temporal and eternal welfare of men.” — Penny Font