Cherry Creek Apartments, a 330-unit apartment complex in north Baton Rouge, has been sold for $16.45 million—or $49,848 per unit—in a deal that was filed Friday morning.
New York-based PFD Group, whose registered officer is CEO Pincus Friedman, bought the complex through BRCC Apartments LLC from 1500 Lorene LLC, a subsidiary of Connecticut-based O’Brien Realty Group. PFD Group is a real estate investment group that focuses on acquiring multifamily properties and owns properties in New York, Mississippi, New Orleans and Baton Rouge.
The group also owns Pine Square Apartments, The Palms Apartments and Olive Square Apartments in Baton Rouge, according to its website.
Cherry Creek Apartments—located between South Choctaw Drive and Florida Boulevard at 1710 North Harco Drive—was bought by O’Brien Realty Group in 2014 for $3.6 million. At the time, the property was three separate apartment complexes.
Rents at the complex range from $583 for a one-bedroom apartment to $940 for a three-bedroom apartment.
A representative of PFD Group was unable to be reached for more information before this afternoon’s deadline.
