Servio thought the complex was a good product in a great location and it was also below replacement cost, says Jonathan Walker of Mestri Murrell, who represented the seller. He says Servio plans to sell off some of the individual condos.
The higher-end complex, built in 1985, is between Baton Rouge Country Club and Bocage off Jefferson Highway. The 25-acre property houses 234 two- and three-bedroom units.
Servio also owns other complexes in Louisiana, including one in Slidell, and in other states including Texas, Florida and Georgia.
The seller of the complex is Songy Highroads, an Atlanta-based commercial real estate firm, which owns properties in Houston, New Orleans and Baton Rouge.
Servio and Songy could not be reached for comment by this afternoon’s deadline.