LAFAYETTE, LA. — Edge Realty Capital Markets has brokered the sale of Parkway Plaza, a 112,108-square-foot shopping center in Lafayette. Brandon Beeson and Kevin Holland of Edge Realty Capital represented the seller, 1996 Parkway Plaza Partnership LLC. TCP Capital Partners LLC acquired the property for an undisclosed price. At the time of sale, the property was 98.3 percent leased to tenants including Citi Trends, Sears Outlet, It’s Fashion Metro, Dollar Tree, Kool Smiles and Rainbow.
BATON ROUGE, LA. — Atlanta-based Audubon Communities, in conjunction with New York-based RCG Longview, has purchased St. Jean, a 624-unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three-bedroom units averaging 1,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units, a new standalone leasing office and two amenity buildings, energy efficient windows, new exterior doors and a new fitness center. A select number of units will be offered as affordable housing.
HOUMA, LA. — Chase Properties Ltd. has purchased Magnolia Square, a 242,000-square-foot shopping center in Houma, located roughly 60 miles southwest of New Orleans. Retail Properties of America Inc. (RPAI) sold the asset for an undisclosed price. HFF brokered the transaction. The property is anchored by Ross Dress for Less, Michaels and PetSmart, and is shadow-anchored by Target. Magnolia Square is Beachwood, Ohio-based Chase Properties’ first acquisition in Louisiana.
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 …
BATON ROUGE, LA. — KeyBank Real Estate Capital has provided a $33.9 million acquisition loan for Cypress Lake Apartments in Baton Rouge. Erik Storz of KeyBank arranged the 10-year loan with a 30-year amortization schedule and five years of interest-only payment through Fannie Mae Green Rewards. Constructed in 2003, the 314-unit, garden style property features two swimming pools, a lighted tennis court, clubhouse and an on-site car care center.
MORRISTOWN, N.J. — The Hampshire Cos., in a joint venture with Seoul, South Korea-based Hana Asset Management Co., has acquired a six-store Walmart Neighborhood Market portfolio in southern Louisiana. The sales price was not disclosed, but Columbus Business First reports SkilkenGold Real Estate Development sold the assets for $78 million. The portfolio, totaling 255,968 square feet, consists of six newly constructed, freestanding stores located in Houma, Meraux, New Iberia, Opelousas, Prairieville and Thibodaux. Walmart’s Neighborhood Market concept features smaller stores that focus on offering a full suite of groceries, pharmacy, health and beauty aids and a limited selection of general merchandise.
SHREVEPORT, LA — Walker & Dunlop has arranged a $20.5 million Freddie Mac loan for the refinancing of Orleans Square Apartments, a Class B, 472-unit, garden-style apartment community in Shreveport. Walker & Dunlop’s Stuart Wernick and Matt Newton arranged the 10-year, floating-rate loan with three years of interest-only payments, followed by a 30-year amortization period and an initial interest rate in the 3 percent range. Built in the 1970s and 80s, the property features three swimming pools, four laundry facilities, a clubhouse, playground and a tennis court.
COVINGTON, LA. — CBRE has arranged a $14 million construction loan for Avanti Senior Living at Watercross, a 90-unit assisted living and memory care community in the New Orleans suburb of Covington. The borrower is a joint venture between Texas-based developer Avanti Senior Living and investment advisor Iron Point Partners. The property will sit within the Watercross Healthcare Campus, which includes the new Ochsner Medical Hospital. The projects sit within the larger, 171-acre Water Cross at Nor du Lac development, which includes Ochsner Health Center, an active adult community, a wellness center, professional medical offices, a skilled nursing/rehab community and luxury apartments. Aron Will of CBRE National Senior Housing arranged the floating-rate loan with four years of interest-only payments through a regional bank.
MISSISSSAUGA, ONTARIO — R&R Real Estate Investment Trust (R&R REIT) has agreed to acquire a portfolio of nine extended stay hotels in the Southeast and Midwest totaling 1,020 rooms for an aggregate purchase price of $35 million. The properties are currently owned and operated by entities controlled by R&R REIT’s Majid Mangalji and Michael Klingher. Five of the hotels operate under the HomeTowne Studios brand, and the remaining four operate under the HomeTowne Suites brand. The properties are located in Kentucky, Georgia, Mississippi, Arkansas, Louisiana, Alabama, Illinois and South Carolina. Blake, Cassels & Graydon LLP and Greenberg Traurig LLP acted as legal counsel to the REIT, and Raymond James Ltd. acted as financial advisor to the special committee charged with approving the portfolio acquisition. Following the closing of the acquisition, the REIT’s portfolio will comprise 10 hotels located in nine states.
HAMMOND, LA. — Arbor Realty Trust Inc. has funded a $13.5 million Fannie Mae loan for the refinancing of Tangi Lakes Townhomes, a 185-unit apartment community located in Hammond, roughly 45 miles east of Baton Rouge. Austin Walker of Arbor’s New York office originated the 10-year loan with a 30-year amortization schedule. Built in 1999, the property features barbeque grills, controlled access gates, a fitness center, laundry facility, on-site security, park/play area and a swimming pool.
