Block Funds and Block Multifamily Group, a pair of real estate subsidiaries owned by Missouri-based Block Real Estate Services, recently acquired The Village at Juban Lakes in Denham Springs, a 144-unit apartment complex near Juban Crossing.
Financial terms of the deal, announced today via a news release, were not disclosed.
CST Land Developers of Baton Rouge, which developed the complex in 2009, is the seller. The Village at Juban Lakes is located at 11000 Buddy Ellis Road in Denham Springs.
The property was not impacted by recent flooding in Livingston Parish and the surrounding areas, the news release says.
“We are excited to enter the Louisiana market,” says Kenneth G. Block, managing principal of Block Real Estate Services, in a prepared statement. “We look forward to collaborating with an established Louisiana-based firm, CST Land Developers LLC.”
Block and CST, through a multimillion joint venture, plan to work together on additional multifamily development on CST’s remaining 39 acres in Denham Springs. Details on that development are unavailable at this point.
“Our firm is keenly focused on a highly specialized segment of the real estate development market: multifamily apartments,” says Tom Delahaye, a CST managing partner, in a statement.
