A Texas pharmacist has purchased another apartment complex in Melrose East, bringing the total number of multifamily unit developments in the area that are under his ownership to four.
Block Investors LLC, represented by manager Ryan Bodin and owned by George Lock Paret IV, paid $1.07 million for the Cezanne Square apartments at 6880 Cezanne Ave., according to sale documents filed with the East Baton Rouge Parish Clerk of Court’s Office.
The seller is listed as Cory Asrilant of Valencia, California. The deal closed on Thursday.
Cezanne Square is a 37-unit complex that only has one-bedroom apartments, Bodin says. The complex is located between North Donmoor Avenue and Rodin Drive.
In February, Block Investors LLC paid $2.8 million for the buildings at 854 N. Donmoor Ave., 6867 Titian Ave. and 6645 Harry Drive. The buildings were purchased from Community Development Advocates Melrose Inc.
Bodin says Melrose East—which is bordered by Lobdell Boulevard, North Ardenwood, Florida Boulevard and Renoir Avenue—is an attractive neighborhood in which to purchase property because of the opportunity presented there.
“We’re going to kind of stay here for a little while. It’s a good price. We like the property. There’s not a lot of inventory right now,” he says, adding that the return on investment is good there.
In June, Bodin and his wife, Jennifer, purchased the Cabana Garden apartments at 6875 Harry Drive, also in Melrose East.
Bodin says the Cezanne Square apartments will undergo some minor cosmetic changes such as adding paint on the outside, but no extensive renovations are planned. Between 80-90% of the apartments are rented, he says.
Chris Gremillion, of NAI/Latter & Blum, represented the seller.
—Alexandria Burris
