Stirling Properties Acquires 256-Unit Luxury Apartment Complex
- Apr 07, 2014
Stirling Properties has announced the acquisition of Ansley Place, a 246-unit luxury apartment community in Houma, La. Buyer Stirling Communities II L.L.C., a group of investors led by Stirling Properties, closed on the purchase of the Class A community for an undisclosed amount. The deal included the assumption of an existing HUD 223 (f) loan on the property. The acquisition of Ansley Place has brought the ownership group’s overall portfolio to 1,042 units, all of which are managed by Des Moines-based BH Management Services L.L.C.
Sprawling across 21 acres, the garden-style luxury community comprises 13 two- and three-story apartment buildings, a one-story leasing office and four single-story garage facilities. Amenities include a resort-style swimming pool, fitness center, clubhouse, cyber café, car care center and extra storage. The gated community offers one-, two- and three-bedroom units, ranging from 643 to 1,287 square feet and featuring private patios or balconies, sunrooms and oversize closets.
Stirling Properties officials expect a substantial increase in Houma’s and the surrounding area’s populations over the next few years due to a significant uptick in activity at Port Fourchon, the shipyards of Edison Chouest and Bollinger, as well as expansion projects among important service firms in the Houma area.
“With its excellent location, superior floor plans and premier status in the market, Ansley Place offers our investors a high-quality asset located directly in the path of Houma’s growing economy,” commented Justin Landry, head of multi-family asset management for Stirling Properties.
Click here for further New Orleans market data.
Image courtesy of Ansley Place via Facebook