Apartment Complexes in Tightening Baton Rouge Market Change Hands for $1.04M, $800K
- Jan 22, 2015
By Adrian Maties, Associate Editor
With Baton Rouge-area apartment vacancies declining to levels slightly lower than historical norms, it’s no surprise why investors are rushing to buy apartment complexes. According to the Greater Baton Rouge Business Report, two such properties have changed hands in the region in the past 30 days.
The two properties are the Camelot Apartments in Tigerland, and the Palms at McClelland Apartments in north Baton Rouge. The Camelot Apartments sold at the end of December. It was acquired by Renaissance Investments for $1.04 million. Baton Rouge-based Met Real Estate Services Inc. was the seller.
The Camelot Apartments complex features 34 units and is located at Jim Taylor Drive. The new owner has already started work on a renovation project for the property.
PF Developers LLC purchased the Palms at McClelland Apartments. The Brooklyn-based company paid $800,00 to acquire the four-story property from Judge Holdings LLC, of Atlanta.
The Palms at McClelland Apartments is located on a 2.83-acre site, at 5665 McClelland Drive. It totals almost 72,000 square feet and includes 75 one-, two- and three-bedroom units. The new owner has not revealed what it plans to do with the complex. However, an appraisal of the property, conducted last year, determined that 21 of the 75 units were uninhabitable and needed renovations.