Stirling buys LSU area apartment complex for $5.1 million

Stirling Properties has purchased an LSU area apartment complex for $5.1 million. The company bought the 108-unit Coventry Terrace complex on July Street, off State Street. Chip Songy, executive vice president for Stirling, says the Covington-based commercial development , sales and leasing company wants to get into the multifamily housing market. Earlier this week, Stirling bought two Lafayette apartment complexes. “With the devastation of the single-family home market and difficulty obtaining financing for homes, there’s increased demand for multifamily housing,” Songy says. Coventry Terrace was built in 1973 and is 95% occupied, with the majority of tenants being LSU graduate students. —Timothy Boone