Fairfield Residential Sells Louisiana Student Housing
The 898-bed community was acquired by a partnership between Halstatt Real Estate Partners and Landmark Properties.
The Exchange at Baton Rouge
Halstatt Real Estate Partners has acquired The Exchange at Baton Rouge, an 898-bed student housing community in Baton Rouge, La. Halstatt provided equity and partnered with Landmark Properties for the transaction. According to Yardi Matrix, the buyers purchased the 299-unit asset from Fairfield Residential.
Built in 2015, the purpose-built property comprises one-, two-, three- and four-bedroom apartments with washer/dryer units. Common-area amenities include a fitness center, clubhouse, volleyball court, business center and three swimming pools. The property also has 520 parking spaces.
Located at 449 Ben Hur Road, in an Opportunity Zone, the community is within 2 miles of Louisiana State University and 6 miles from Baton Rouge Family Medical Center and Mall of Louisiana.
The supply of student housing assets is projected to slow down throughout this year. Investors are forecasting that approximately 39,000 beds will be delivered by the end of 2021—that’s 20 percent less than the five-year historical average of completions. However, Peggy Lamb, managing director with Halstatt, remains bullish on the sector and expects to see pent-up demand from students.
