Investment Overview

Marcus and Millichap is pleased to present the exclusive opportunity to acquire Flats on Walters Apartments, a 176-unit multifamily community located in Lake Charles, LA. Flats on Walters benefits from a recent capital investment of $13,000,000 by current ownership that includes renovation to exteriors, interiors, mechanicals and common areas. This massive effort represents a complete repositioning of the property that has virtually zero capital needs. Flats on Walters now boasts top of the market curb appeal, interior styling and impeccable grounds resulting in a very quick lease-up period as the property is currently stabilized at 93% occupancy with some room to move upward. The property carries an attractive assumable loan with a ten-year fixed-rate at 4.71% with interest-only until maturity in July of 2028. Flats on Walters is ideally located 1 mile from the I-210 loop providing access to the entire Lake Charles MSA (207,000). Moss Memorial employs 330 people and is located across the street from the property while McNeese St. (7,600 students) is half a mile away. Chik-fil-a, Starbucks, a micro-brewery, hotels, schools and churches are all within a 5-minute drive. The Property offers investors the opportunity to acquire a recently renovated and stabilized cash-flowing asset with attractive assumable debt near major employers, schools, and retailers with little to no deferred maintenance.