BATON ROUGE – Marcus & Millichap, a commercial real estate brokerage firm, has announced the sale of a three-property multifamily portfolio in Baton Rouge. The properties, which have 248 units, sold for $11,600,000, or $46,774 per unit.
“Buyers with local and property type expertise will spend considerable money to rehabilitate these assets and take advantage of the strong northwest Baton Rouge market,” says John Hamilton, the company’s first vice president of investments.
Hamilton, Chris Shaheen, Will Balthrope and Drew Garza — investment specialists in Marcus & Millichap’s Baton Rouge and Dallas offices — marketed the property on behalf of the seller, 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay LLC.
The portfolio includes Howell Place (4150 72nd Avenue), Pelican Bay (2121 Lobdell Boulevard) and Pirates Bend (8165 Plank Road).
Each property consists of a mix of one-, two-, three- and four-bedroom floor plans. Built in 2001 and 2002, the apartment communities are in north Baton Rouge south of Baton Rouge Metropolitan Airport and four miles north of downtown.
