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LAKE CHARLES, LA. — Muss Development LLC and Amesbury Cos. have acquired Erdace Apartments, a 270-unit multifamily community in downtown Lake Charles. The seller and sales price were not disclosed.
The co-owners assumed a HUD-insured loan as part of the acquisition and have launched a multimillion-dollar renovation of the property, which will be rebranded as The Ryan Apartments. The capital improvement program includes upgrades and redesigns of the lobby, façades, hallways and balconies.
Erdace Apartments offers studio, one- and two-bedroom apartments, as well as a clubhouse, lounge, café, fitness center, business center, indoor and outdoor pavilions and a large outdoor swimming pool.