Timberline Capital has purchased the 313-unit Copper Ridge and the 246-unit Magnolia Trace in Baton Rouge, La., from Newcastle Properties. According to the East Baton Rouge Parish assessor, the portfolio changed hands for $27 million.
Berkadia originated the Freddie Mac acquisition financing for both properties. Copper Ridge received an $8.9 million loan and Magnolia Trace a $7.9 million one, each with a 10-year term and five-year interest only period. The seller had purchased the portfolio in 2017 for $18 million, per Yardi Matrix data.
Located at 2080 N. Lobdell Blvd., Copper Ridge encompasses studios, one-, two- and three-bedroom apartments in two- and three-story buildings. Amenities include a community room, swimming pool and controlled access. The property had a 91.4 percent occupancy rate in December.
Magnolia Trace features one- to three-bedroom units in two-story buildings. Situated at 11585 N. Harrells Ferry Road, the property includes a playground and pool. At the time of the sale, the occupancy rate was 89.4 percent. Both properties are close to interstates 10, 12 and 110 and less than 5 miles of ExxonMobil’s Baton Rouge Refinery, the fourth-largest oil refinery in the U.S.
Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Director of Operations Jared Hill of Berkadia’s South Florida office worked on behalf of the buyer.
Recently, another Baton Rouge community traded. Elevation Financial Group sold Serenity Apartments for $16 million.
Image courtesy of Yardi Matrix