Four LSU-area student housing complexes change hands in mega deal
A Los Angeles, California-based real estate investment group has acquired four student housing complexes near LSU in a deal totaling nearly $128 million.
The sale was part of a larger transaction that closed Nov. 16, and involved a partnership between Saban Real Estate and Campus Advantage. Together, they acquired for $508 million from American Campus Communities a 12,083-bed portfolio of 19 student housing complexes in 11 university communities around the country.
The four LSU-area properties are among them. They include: Burbank Commons, 4600 Burbank Dr., which sold for $14.9 million; The Cottages of Baton Rouge, 777 Ben Hur Road, which sold for $64.6 million; U Club Cottages, 5689 Brightside Dr., which sold for $21.8 million; and University Crescent, 4500 Burbank Dr., which sold for $26.5 million.
Noteworthy among the local properties that changed hands is The Cottages of Baton Rouge, which at 382 units is one of the largest student housing complexes in Baton Rouge. Its sale price was $24 million less than the $89.5 million it sold for in 2012.