A portfolio of 20 multifamily units on Brightside View Drive, near LSU, has been put on the market for $2.6 million.
The portfolio consists of seven duplexes, one fourplex and two condominium units, which are a variety of two-, three- and four-bedroom apartments.
Mark Segalla, multifamily specialist for Elifin Realty, wasn’t able to comment on the square footage of the portfolio, but says the units are currently 80% occupied with expectations to rise to 95% next month with the start of the LSU fall semester.
Segalla is also representing a 22-unit complex on Wyoming Street that’s on market for $1.35 million.
In April, vacancy rates for Class A and Class B complexes near LSU reportedly rose to 15%, well above historical averages. Segalla says the rising rate is something that everyone is taking into consideration, but points to the rising number of students living near LSU. He adds that the rising vacancy rates for apartments near LSU just makes property owners management style more important.
The apartments in the portfolio were built between the late 1990s and early 2000s, according to Segalla, and have no deferred maintenance.