Citing opportunity and timing, the owner of a Baton Rouge-based limited liability company has purchased three north Baton Rouge apartment complexes for $11.7 million.
STA Properties bought Lone Oak Apartments on Lone Oak Drive as well as Greenwell Plaza and Magnolia Gardens, both on Greenwell Springs Road, in a deal that closed Friday.
The seller of all three complexes is listed as Palisade Properties Inc., according to documents filed with the East Baton Rouge Parish Clerk of Court.
Buyer Sidney Lejeune says all three properties—which collectively have 286 one-, two-, and three-bedroom units—have an occupancy rate of 93% or greater.
“They were well managed,” Lejeune says. “We know the folks who owned them, and they’ve done a good job of keeping them in order and maintaining high occupancy. We built up enough equity in our existing holdings to leverage the purchase of units. The timing was right, and we jumped in.”
Lejeune also owns the Oak Woods Apartments on Alco Avenue, just off Airline Highway, and the Fireside Duplexes on Ansley Avenue.
A capital improvements plan is in place for Lejeune’s newly acquired properties, where minor welding, concrete and fencing repairs will take place. Lejeune plans to changes the roofs in the next five years.
