Press Releases
Marcus & Millichap Announces $11.6 Million Sale of Three-Property Multifamily Portfolio in Baton Rouge
April 25, 2024
BATON ROGUE, La., April 25, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a three-property multifamily portfolio consisting of 248 units in Baton Rouge, Louisiana. The properties sold for $11,600,000, or $46,774 per unit.
“Buyers with local and property type expertise will spend considerable money to rehabilitate these assets and take advantage of the strong NW Baton Rouge market,” says John Hamilton, first vice president investments.
Hamilton, Chris Shaheen, Will Balthrope and Drew Garza, investment specialists in Marcus & Millichap’s Baton Rouge and Dallas offices, had the exclusive listing to market the property on behalf of the seller, 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay, LLC.
The portfolio includes Howell Place located at 4150 72nd Avenue, Pelican Bay at 2121 Lobdell Boulevard and Pirates Bend at 8165 Plank Road.
Each property consists of a mix of one-, two-, three- and four-bedroom floor plans. Built in 2001 and 2002, the apartment communities are in dynamic locations in North Baton Rouge, the highest ranked submarket for rent growth. The properties are located just south of Baton Rouge Metropolitan Airport and four miles north of downtown.
“Buyers with local and property type expertise will spend considerable money to rehabilitate these assets and take advantage of the strong NW Baton Rouge market,” says John Hamilton, first vice president investments.
Hamilton, Chris Shaheen, Will Balthrope and Drew Garza, investment specialists in Marcus & Millichap’s Baton Rouge and Dallas offices, had the exclusive listing to market the property on behalf of the seller, 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay, LLC.
The portfolio includes Howell Place located at 4150 72nd Avenue, Pelican Bay at 2121 Lobdell Boulevard and Pirates Bend at 8165 Plank Road.
Each property consists of a mix of one-, two-, three- and four-bedroom floor plans. Built in 2001 and 2002, the apartment communities are in dynamic locations in North Baton Rouge, the highest ranked submarket for rent growth. The properties are located just south of Baton Rouge Metropolitan Airport and four miles north of downtown.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
