The Zone Apartments, a 200-unit complex at the corner of Brightside Drive and Alvin Dark Avenue, has been purchased by a group of Metairie-based investors for $7.2 million.
“The plan is to acquire it, fix the deferred maintenance, upgrade the facilities and run it well,” says G. Pratt Provosty, manager of PPQ Development, which purchased the complex as PPQBR LLC.
The complex’s 200 apartments are spread across 24 buildings on a roughly 10-acre site. Provosty says the complex currently sits at a 90% occupancy rate, which made it an attractive investment, as did the location.
“For a dated property, it’s doing well … We really liked the location of the property and have been looking to get into the Baton Rouge market,” he says, noting PPQ Development also owns apartment complexes in Covington and New Orleans.
According to sales documents filed earlier today, the seller was a Texas-based nonprofit group called Sheltering Palms-Baton Rouge II LLC, represented by its president Harvey J. Polly of Boca Raton, Florida. The complex is addressed at 5051 Alvin Dark Ave.
—Steve Sanoski
