Towne Center apartments get new owners

The Millennium Towne Center, an upscale Jefferson Highway apartment complex, has been sold. Thompson National Properties, a California-based real estate investment trust, bought the complex for an undisclosed amount from the developer, the Dinerstein Companies. Steve Corea, senior vice president of acquisitions for Thompson, says Dinerstein was ready to sell the Millennium now that the complex is up and running. “It’s going into a different sort of phase,” he says. The Millennium, a 276-unit complex, opened in November 2007. Corea says the complex has “a very small number” of vacancies. “We’re talking in the single digits,” he says. Thompson doesn’t plan to make any significant changes to the property. This is the company’s first Louisiana investment.—Timothy Boone