South Flannery apartments sold for $5.4 million

The Acadian Place Apartments on South Flannery Road have been sold to a Metairie investment group for $5.4 million. Acadian Place Partners of Baton Rouge bought the 120-unit complex from Acadian Place, an Alexandria group, in a deal that was filed Thursday. Clyde Phillips, a managing partner with the group, says the deal was a good fit because the company owns two complexes nearby: the Spires of Sherwood and Eden Point. Phillips says Acadian Place, which was built in the early 1970s, will undergo extensive renovations, including installing new carpets, tile and washer/dryer units in all of the apartments. “We’re going to spend over a million dollars on renovations,” he says.—Timothy Boone