DEAL OF THE DAY: Diamond Lakes Apartments Sold for $20.1M

By Anuradha Kher, Online News EditorLafayette, La.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Diamond Lakes Apartments, a 312-unit multifamily community in Lafayette for $20.1 million, at $64,423 per unit.“Diamond Lakes Apartments is a well-maintained multifamily property in a prime location,” says Stephen St. Clair, vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Orlando, Fla. “The asset generates a reliable cash flow while at the same time possesses an inherent potential for steady rental increases.”Located at 2700 Ambassador Caffery Parkway, the 249,100-sq.-ft. apartment community consists of 16 two-story buildings on 13.17 acres. The garden-style buildings offer one- and two-bedroom units, ranging in size from 650 to 1,000 sq. ft. Unit amenities include walk-in closets, wireless Internet, contemporary wood cabinets, wood-burning fireplaces in select units and washer/dryer connections in all two-bedroom units and in 49 of the 168 one-bedroom units. Community amenities include two swimming pools, two lighted tennis courts, computer lab and fitness center.