AVR Realty Sells $250M Portfolio
- Jul 26, 2017
El-Ad National Properties acquired a nine-property portfolio in Lafayette, Shreveport and Slidell, La. from AVR Realty for nearly $250 million. Mike Kemether of Cushman & Wakefield’s Southeast Multifamily Advisory Group and Larry Schedler of Larry Schedler & Associates, arranged the sale on behalf of the seller. The portfolio consisted of the following pet-friendly communities totaling 2,079 units:
- Audubon Lake, Lafayette
- Chateau Des Lions, Lafayette
- Chateau Mirage, Lafayette
- Peppertree, Lafayette
- Champion Lake, Shreveport
- River Walk, Shreveport
- Stockwell Landing, Shreveport (Bossier City)
- Harborside, Slidell
- Villa Du Lac, Slidell
“We were very impressed with the quality of the buyers that emerged for the nine-property portfolio. It reaffirmed what we know about Louisiana, which is that national and international buyers have confidence in the market,” Schedler told Multi-Housing News. “The properties represented a really good cross-section of the state (northwest, southwest, and south) and we knew we would have a lot of interest, but we had even more investor eagerness than we anticipated.”
Located at 1019 Kaliste Saloom Rd. in Lafayette, Audubon Lake comprises 208 units that feature washer/dryers, additional storage, fully equipped kitchens, an alarm system, car port and air conditioner. Residents have access to amenities such as a clubhouse, swimming pool, volleyball court, business center, fitness center, game room, jacuzzi, putting green, dog park and fishing pond.
At 6000 Johnston St. in Lafayette, the Chateau Des Lions community can be found featuring 180 one-, two- and three-bedroom units ranging from 800 to 1,386 square feet. Interiors include private attached garages, fully applianced kitchens, high ceilings, large garden tubs, walk-in closets, washer/dryers, ceiling fans, fireplaces and private balcony/patios. Common area amenities feature two tennis courts, a 24-hour fitness center, four courtyards, cabanas with barbecue grills, a fishing pond, jacuzzi and resort-style swimming pool.
The 280-unit Chateau Mirage, sitting at 1630 Rue Du Belier in Lafayette, features one-, two- and three-bedroom floorplans. With sizes ranging from 626 to 1,354 square feet, the community offers residents a 24-hour gym, playground, clubhouse, swimming pool, volleyball court, business center and tennis court. Apartment amenities include granite countertops, built-ins, ceiling fans, bay windows, attached garages, washer/dryers and balconies.
Located at 1000 Robley Drive in Lafayette, Peppertree includes 304 one- and two- bedroom units. Interior features include washer/dryers, ceiling fans, fireplaces, patios and large closets. Residents have access to amenities such as barbecue picnic areas, a courtyard, a recreation room, laundry facility, business center, clubhouse, fitness center, pool, volleyball court and game room.
Champion Lake, located at 3501 Champion Lake Blvd. in Shreveport, housing 256 one- and two-bedroom units from 600 to 1,090 square feet. The community features balconies, lake views, 24-hour fitness center, swimming pool, clubhouse, business center and volleyball court.
Found at 1000 River Walk Blvd. in Shreveport, River Walk features 208 units and a putting green, private lake, business center, swimming pool, 24-hour gym, picnic area and clubhouse.
Offering a mix of 241 one-, two- and three-bedroom floorplans, Stockwell Landing is located at 2175 Stockwell Road in the Bossier City submarket of Shreveport. Interior features include nine-foot ceilings, ceramic tile in foyers and bathrooms, full size washer/dryer connections, screened patio/balconies, fireplaces, vaulted ceilings, fully equipped kitchens with granite countertops and black GE appliances. Common area amenities include a 24-hour business and fitness center, billiard room, barbecue area, jacuzzi, swimming pool with spa, playground and clubhouse.
Located at 3500 Oak Harbor Blvd. in Slidell, Harborside features 168 units with fully equipped kitchens, additional storage, balconies, washer/dryers, hardwood floors and alarm systems. Amenities include a 24-hour fitness room, clubhouse, swimming pool, fishing pier, water views and a business center.
Lastly, the 234-unit Villa Du Lac, located at 62200 W. End Blvd. in Slidell, features one- and two-bedroom floorplans ranging from 671 to 1,231 square feet. Interiors include walk-in closets, fully equipped kitchens, hardwood floors, ceiling fans and washer/dryers. Residents have access to amenities such as a billiard room, gazebo, volleyball court, business center, clubhouse and fitness center.
“Private, private fund, institutional, domestic and international buyers all showed up for this portfolio,” Kemether told Multi-Housing News. “This deal is a testament to the quality of the assets, coupled with the diversification of the Louisiana marketplace given the various MSAs involved in the portfolio.”
Images courtesy of Cushman & Wakefield and property site