Multifamily
Preston Place & Port Au Prince
400 Preston Blvd, Bossier City, LA 71111
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present the exclusive opportunity to acquire Preston Place & Port Au Prince, a 271-unit, 1985 vintage multifamily community located in Bossier City, Louisiana (Shreveport MSA). Preston Place & Port Au Prince has experienced long-term ownership of nearly 20 years and represents an outstanding opportunity to acquire a well-maintained asset with value-add potential in a fundamentally sound yet undersupplied market. The property also offers future ownership the ability to assume an extremely attractive in-place agency loan with a blended rate of 3.9%. Preston Place & Port Au Prince have maintained strong historical occupancy in part due to a limited multifamily construction pipeline throughout the Shreveport-Bossier City MSA which currently has no multifamily properties under construction or proposed as of January 2023. This has resulted in steady rent growth with historical occupancy averaging 94%+ throughout the market over the past two decades. The next investor can also benefit from implementing a light value-add program across interior units as properties with comparable vintages in the market which have been renovated are achieving up to $130+ higher monthly rents. The property is strategically situated less than three miles from Downtown Shreveport and provides convenient access to I-20 and 1-49, offering excellent connectivity throughout the Ark-La-Tex region. The asset is also located within close proximity to several large employers including the newly built Amazon Robotic Fulfillment Center which is expected to hire 1,000+ full-time employees this year, five major riverboat casinos within Downtown Shreveport (7,000+ jobs), LSU Health (2,700+ employees), and Barksdale Airforce Base (9,000+ employees). Preston Place & Port Au Prince will be offered as an assumption of the existing loan (3.9%, rate, 6 years remaining) or free and clear of existing debt. Please contact Marcus & Millichap for additional information regarding this opportunity as well as additional offerings across our pipeline which can be found below. We look forward to working with you in the coming season!
Preston Place & Port Au Prince
Investment Highlights
- Long-term ownership of nearly 20 years and represents an outstanding opportunity to acquire a well-maintained asset with value-add potential.
- Limited multifamily construction pipeline throughout the Shreveport-Bossier City MSA which currently has no multifamily properties under construction or proposed as of January 2023.
- There has been steady rent growth with historical occupancy averaging 94%+ throughout the Shreveport market over since 1996.
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Long-term ownership of nearly 20 years and represents an outstanding opportunity to acquire a well-maintained asset with value-add potential.
- Limited multifamily construction pipeline throughout the Shreveport-Bossier City MSA which currently has no multifamily properties under construction or proposed as of January 2023.
- There has been steady rent growth with historical occupancy averaging 94%+ throughout the Shreveport market over since 1996.
Investment Overview
Marcus & Millichap is pleased to present the exclusive opportunity to acquire Preston Place & Port Au Prince, a 271-unit, 1985 vintage multifamily community located in Bossier City, Louisiana (Shreveport MSA). Preston Place & Port Au Prince has experienced long-term ownership of nearly 20 years and represents an outstanding opportunity to acquire a well-maintained asset with value-add potential in a fundamentally sound yet undersupplied market. The property also offers future ownership the ability to assume an extremely attractive in-place agency loan with a blended rate of 3.9%. Preston Place & Port Au Prince have maintained strong historical occupancy in part due to a limited multifamily construction pipeline throughout the Shreveport-Bossier City MSA which currently has no multifamily properties under construction or proposed as of January 2023. This has resulted in steady rent growth with historical occupancy averaging 94%+ throughout the market over the past two decades. The next investor can also benefit from implementing a light value-add program across interior units as properties with comparable vintages in the market which have been renovated are achieving up to $130+ higher monthly rents. The property is strategically situated less than three miles from Downtown Shreveport and provides convenient access to I-20 and 1-49, offering excellent connectivity throughout the Ark-La-Tex region. The asset is also located within close proximity to several large employers including the newly built Amazon Robotic Fulfillment Center which is expected to hire 1,000+ full-time employees this year, five major riverboat casinos within Downtown Shreveport (7,000+ jobs), LSU Health (2,700+ employees), and Barksdale Airforce Base (9,000+ employees). Preston Place & Port Au Prince will be offered as an assumption of the existing loan (3.9%, rate, 6 years remaining) or free and clear of existing debt. Please contact Marcus & Millichap for additional information regarding this opportunity as well as additional offerings across our pipeline which can be found below. We look forward to working with you in the coming season!
Exclusively Listed By
