Rhodium Capital Advisors Expands in the South
The company acquired Grand Pointe Apartments, a 266-unit community located in Lafayette, La., and will invest a significant amount of capital to increase the property’s value.
Rhodium Capital Advisors has acquired a 266-unit community in Lafayette, La. Haley Real Estate Group sold Grand Pointe Apartments for an undisclosed price. The new owner plans to apply an extensive value-add program to the property—which last traded in 2009, when Haley Real Estate Group acquired it for $26.7 million, with the sale also being subject to a $21.3 Fannie Mae loan, according to Yardi Matrix.
Grand Pointe Apartments is located at 3606 Kaliste Saloom Road, roughly 7 miles from the University of Louisiana at Lafayette and downtown. The 2006-built gated community comprises nine three-story buildings spread on a 14-acre lot. Floorplans consist of a mix of 78 one-bedroom, 109 two-bedroom and 79 three-bedroom unit configurations, ranging from 895 to 1,415 square feet.
The amenity package includes walk-in closets, private balconies, as well as common-area features such as:
- fitness center
- business center
- two swimming pools
- 567 parking spaces
Rhodium Capital will invest a significant amount of capital to increase the property’s value through a classic program. The amenity package will receive improvements and additions, while unit interiors will be renovated. “We believe these renovations and improvements will raise the overall quality of the asset and make Grand Pointe the ‘best in class’ in its market,” said Fredrick Schulman, managing partner of Rhodium Capital Advisors, in a prepared statement.
The property was 93 percent occupied as of January, with monthly rents averaging $935, according to data provided by Yardi Matrix. Grand Pointe Apartments is less than 2 miles away from the Ambassador Caffery Parkway and Kaliste Saloom Road intersection, which features a plethora of shops, restaurants and service providers.
Photo courtesy of Rhodium Capital Advisors