The Gonzales complex sells for $76.9 million; is one of the largest apartment offers in the region | Company

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An upscale Gonzales apartment complex has been sold to a California real estate investment firm for nearly $76.9 million, making it one of the most expensive local multi-family housing deals ever. time.

Starboard Realty Advisors of Irvine, Calif., purchased the Silver Oaks Apartments as part of a deal reached in May. The seller was Stoa Group, the Hammond-based developer of Silver Oaks.

Silver Oaks is a 336-unit apartment complex at 14496 Airline Highway that opened in 2018. Units in the complex rent for between $1,425 for a 752-square-foot, one-bedroom, one-bathroom apartment. at $1,787 for a three-bedroom, 1,238-square-foot, two-bathroom residence.

The sale price amounts to nearly $228,720 per unit.

Craig Davenport of Cook, Moore, Davenport & Associates, which tracks the local apartment market, said only two apartment complexes in the LSU area — Ion Baton Rouge (formerly The Standard at Baton Rouge) and the Cottages of Baton Red – sold for more money than Silver Oaks. Ion went for $108.6 million when it was sold in October 2015 and the Cottages changed hands in September 2011 for around $89.5 million.

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“For standard apartments, this is the highest advertised sale price,” he said.

The apartment market in Baton Rouge has been strong over the past two years, with rents up 9.4% since 2020 and vacancy rates down more than half from 10.4% to 4, 8%.

This has led foreign investors to strike deals. In 2021, Davenport said 12 apartment developments sold for more than $24 million each. But rising interest rates are cooling the market. The sale of Silver Oaks was likely traded ahead of the latest Federal Reserve rate hikes.

“We’ve definitely seen a slowdown in activity since the rate change,” he said.

This story has been edited from when it was first published to correct the Silver Oaks address

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