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Dallas-sized deal
In what amounts to one of the largest sales of Baton Rouge commercial property in recent history, a Dallas-based firm has purchased The Standard apartment complex at 740 W. Chimes St. for nearly $108.6 million. University House Communities, which specializes in developing, acquiring and managing student housing communities across the country, purchased the 287-unit complex—which opened in August—from Athens, Georgia-based Landmark Properties. The LSU-area complex will be rebranded as University House Baton Rouge. Wesley Moore, a commercial real estate appraiser with Cook, Moore and Associates, says the sale—at roughly $378,386 per unit—sets a new high water mark for the Baton Rouge market. Until now, Moore says, the high water mark for apartment sales in Baton Rouge was set in September 2011 when The Cottages, a 382-unit apartment complex at 777 Ben Hur Road, sold for roughly $234,000 per unit. Troy Manson, executive vice president and chief investment officer for University House Communities, wouldn’t comment on the purchase price but says the company has been looking to enter the Baton Rouge market for the past few years. The complex measures more than 750,000 square feet in total, including a 12,000-square-foot clubhouse and amenities such as a game room, rooftop pool, golf simulator, computer center and study rooms.
—Steve Sanoski
