By Larry Dietz, CCIM, Associate Broker at Saurage Rotenberg Commercial Real Estate
Arlington Townhomes and Manors, yet another upscale student housing complex, is the most recent announced multi-family development. A Birmingham, Alabama based company (Capstone Collegiate Companies) purchased approximately 20 acres on Ben Hur Road. The proposed 382 unit (1,290 beds) complex is anticipated to be completed in August, 2016.
The development in new multi-family properties has been quite significant in recent years with the 440 Third St (65 units in the CBD), The District (312 units on Perkins Rd between College and Essen), Bayonne at Southshore (240 units on Stanford Ave.)and the list goes on of those complexes either completed or in the various stages of construction or development.
We’ve also seen some significant sales of high-profile upscale complexes in the Baton Rouge market. One of them was University Edge (158 unit student housing near LSU) sold for $32.5 million dollars (about $221,000) per unit), reportedly the highest price ever paid for student apartment housing. The complex was only two years old.
Some investors are beginning the process of diversifying their real estate holdings out of housing, believing that the overall market (nationally) in multi-family investments properties is reaching a “cyclical high” as the attached article illustrates.
Larry Dietz, an associate broker with Saurage Rotenberg Commercial Real Estate, has over 30 years of Sales, Marketing and Public Relations experience. He is a Designee member of the Certified Commercial Investment Member Institute (CCIM) and CCIM Louisiana Chapter; a member of the Commercial Investment Division of the Greater Baton Rouge Board of REALTORS® (CID); as well as an affiliate member of the National Association of REALTORS® (NAR). He is a licensed real estate broker in Louisiana and Mississippi.
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).
