The Millennium Towne Center apartment complex on Jefferson Highway, next to LSU’s Center for Advanced Microstructures and Devices, was sold to an Illinois-based real estate investment firm.
Inland Real Estate Group of Companies, based in Oak Brook, Illinois, bought the property through a statutory trust, Baton Rouge Multifamily, from Thompson National Partners.
Thompson National Properties paid $39.75 million for the apartment complex in 2009, two years after it opened.
Inland has purchased nearly $45 billion in acquisitions—$5 billion in apartments alone—and manages millions of square feet of commercial properties and more than 70,000 apartment units.
The Millennium Towne Center has 276 apartments over 10.5 acres, with rent for a one-bedroom unit starting at $1,235 and $1,389 for a two-bedroom unit. There are five units currently available for lease, according to an online listing.
Daily Report recently reported that after years of new construction in the market, Baton Rouge’s multifamily housing sector is overbuilt. Parishwide vacancy rates are averaging slightly more than 9.3%; two years ago, they were just 4%, though 2017 was something of an anomaly because many residents were still displaced from the 2016 flood.