Ownership of the Mirage Villa Apartments on Florida Boulevard is changing hands, according to a deal filed Monday with the East Baton Rouge Clerk of Court’s office.
Mirage Villa Apartments LLC bought the property containing the 77-unit complex from Mirage Villa LLC, represented by Survivor’s Trust Under the Lismore T. and Mary Anne Maino Family Trust, for $2.5 million. Thomas J. Maino represented the trust, according to documents.
Nathan Milazzo, Monroe Whittier, Douglas Chaney, and Jacob Landry represented The Mirage Villa Apartments LLC in the deal. Mirage Villa Apartments LLC is a subsidiary of Market Property Group. Chris Gremillion, Hunter Harris and Landon Leger with NAI Latter & Blum brokered the deal.
Milazzo, a co-founder of Market Property Group, says the apartment complex has vacancies. His group plans to rent out the spaces and complete exterior renovations.
“There’s a vacancy issue right now, so the first thing we’re going to do is rent it out,” he says. The interiors are in good shape, but the exterior needs to be repainted. There’s some curb appeal that needs to be done.”
Milazzo estimates the exterior renovations will cost between $200,000 and $300,000. Lismore Thomas Maino died in 2022, and his children inherited the survivor’s trust. The children live out of state and Milazzo says that motivated them to sell the property.
“We were able to get a really good deal and believe that the area right there is going to be improving because of Amazon,” Milazzo says. “Not just Amazon, but that whole corridor right there looks like it’s on the up and up.”
Milazzo says his group purchased a vacant lot behind the apartment complex that is zoned to add 14 additional units or a trailer park. He says possible development may not happen for at least another year.
The apartment complex was built in 1968 on 4.46 acres and renovated in 2017, according to online records.
