Investors Buy Condominiums; Housing Authority Embarks on Renovation
By Eliza Theiss, Associate Editor
Roosevelt Terrace apartments, a 44-year-old low-income housing complex under the ownership of the East Baton Rouge (EBR) Housing Authority, will soon kick off renovations worth $3.67 million, reports the Greater Baton Rouge Business Report. The project is being handled by Partners for Progress, the not-for-profit subsidiary of the EBR Housing Authority and is set to kick off in April.
The project will update amenities, reconfigure the 50-unit housing complex to feature 40 larger units and raise a wrought iron fence. According to the Greater Baton Rouge Business Report 20 one-bedroom units will be turned into ten three-bedroomers, 20 two-bedroom apartments will be reconfigured into 20 one-bedroom apartments, while ten three-bedroom units will be converted into ten two-bedroom residences. Currently Roosevelt Terrace consist of nine two-story frame and brick veneer townhouse structures and an administration and maintenance building that also houses the laundry facilities. The apartment community is located on a two-acre site at 1225 Roosevelt St.
In other residential news, The Advocate reported that a group of investors purchased 33 condominiums in The Jeffersonian for $1.9 million from IberiaBank. Buyer K B K Real Estate plans to do some light renovation, such as new paint, on the former apartment building. Major work isn’t necessary as the 38-unit property underwent a more comprehensive renovation prior to being converted. Currently all units are being rented at $775 for a one-bedroom residence and $850 for a two-bedroom unit. The new owners plan to keep current rental rates.
Built around 40 years ago, the 38-unit Jeffersonian was converted from apartments to condominiums prior to the Great Recession, following which it ended up under bank ownership.
Image via the East Baton Rouge Housing AuthorityTags: Acquisitions/Dispositions, affordable housing, bank ownership, Baton Rouge Lead Story, Brokers, condo conversion, Condo, Co-op, HOA, condominium, Conventional - Market Rate, East Baton Rouge Housing Authorit, Finance/Investment, Financiers, IberiaBank, Investors, K B K Real Estate, leasing, Local, low-income housing, Maintenance, National, Not For Profit, Owners, Partners for Progress, private investor group, Public Housing, Regional, renovation, Roosevelt Terrace, The Jeffersonian, unit reconfiguration