The 40-unit apartment project in Tigerland known as Villa Franche was sold just before Christmas. The sale took place for $1.4 million, or about $35,000 per unit. The seller was Villa Franche Apartments Partnership and the purchaser was Renaissance Investments LLC. Both parties were represented by agents with Maestri-Murrell Real Estate. Ryan Green represented the seller and Jonathan Walker represented the purchaser. The Renaissance Investment group already owned about 150 units in Tigerland, so the acquisition of additional apartments provides the group with some economies of scale because they can be managed out of the existing properties. The Villa Franche complex is made up almost entirely of one-bedroom units. At the time of sale, the property was about 75% occupied at below-market rents because it was in need of renovation. Don White of Renaissance Investments says his group intends to put about $2,000 to $3,000 per unit into the property to bring it in line with their other apartment complexes in Tigerland.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
