Baton Rouge Community Sells for $21M
The 184-unit Live Oaks Apartment Homes landed a $15.4 million Fannie Mae Green Rewards acquisition loan.
The Feil Org. has sold the 184-unit Live Oaks Apartment Homes in Baton Rouge, La., to a local private investor for $20.5 million, according to Yardi Matrix data. Greystone provided a $15.4 million Fannie Mae Green Rewards acquisition loan. The financing includes a 12-year term and two years of interest-only payments.
Located at 12901 Jefferson Highway, the asset is close to several retail and dining options, as well as local employers including LSU, Lady of the Lake Regional Medical Center and Turner Industries Group. Completed in 2000, the nine-building asset will benefit from an energy improvement program, which will target reducing water and energy usage.
The property comprises one-, two- and three-bedroom apartments with floorplans ranging from 553 to 1,262 square feet and includes common-area amenities such as a clubhouse, pool and fitness center. As of September, the property was 90.8 percent occupied, per Yardi Matrix information.
Managing Director Keith Hires from Greystone’s Atlanta office represented the new owner to originate the financing. In a similar recent transaction, Hires worked on behalf of Marquis Investments to originate a $25.5 million loan to refinance a 257-unit Atlanta community.