AVR Sells Nine-Property Multifamily Portfolio in Louisiana for $250M
LAFAYETTE, SHREVEPORT AND SLIDELL, LA. — AVR Realty Co., a Yonkers, N.Y.-based multifamily investment and development firm, has sold a portfolio of nine multifamily properties totaling 2,079 units in Louisiana for approximately $250 million.
Israel-based investment firm El-Ad National Properties purchased the portfolio. According to the company’s LinkedIn page, its portfolio of American properties consists of 12,700 apartment units, 1 million square feet of office space and several hotels. The holdings are spread across nine states and collectively valued at $1.2 billion.
The sale represents the disposition of nine of AVR’s 11 multifamily assets in Louisiana.
The portfolio includes four properties totaling 972 units in metro Lafayette, located approximately two hours west of New Orleans; three properties totaling 705 units in the metro of Shreveport in northwestern Louisiana; and two properties totaling 402 units in Slidell, approximately 30 miles north of New Orleans.
Mike Kemether of Cushman & Wakefield’s Southeast Multifamily Advisory Group and Larry Schedler of Larry G. Schedler & Associates represented AVR in the transaction. El-Ad was represented internally.
“This portfolio sale represents a substantial statewide multifamily investment and transaction,” says Schedler. “The high level of local and international investor interest was driven by the opportunity to purchase a critical mass of best-in-class assets across the state of Louisiana.”
— Taylor Williams