Multifamily
The Phoenix Apartments
3619 Texas St, Lake Charles, LA 70607
Listing Price: Request For Offer
Investment Overview
The Phoenix Apartments is a stabilized 208-unit multifamily investment in Lake Charles offering immediate scale, strong in-place occupancy, and meaningful operational momentum. The property is currently 98% occupied, averages 925 square feet per unit, and benefits from a comprehensive 2022 renovation that repositioned the asset to compete more effectively with newer product in the market.
The investment offers a compelling yield-and-growth profile driven by below-market rents and improving operations. Current rents average $854 per unit, or $0.93 per square foot, versus a competitive set average of $1.16 per square foot, creating a clear path to revenue growth through lease trade-outs and renewals. At the same time, vacancy has compressed sharply from 11.8% to 2.0%, with economic occupancy reaching nearly 98%, reinforcing the asset’s leasing strength and stabilization story.
The Phoenix is further supported by a strategic location with direct access to I-10 and I-210 and proximity to Lake Charles’ major employment anchors, including petrochemical facilities, hospitals, gaming destinations, and McNeese State University. Backed by significant recent capital improvements and durable regional demand drivers, the property presents investors with a rare opportunity to acquire a stabilized, renovated asset with immediate cash flow and measurable upside.
The Phoenix Apartments
Investment Highlights
- 98% occupied 208-unit multifamily community offering immediate scale and operating efficiency in the Lake Charles market
- Significantly renovated in 2022, with $7.2M+ invested since 2019, reducing near-term capital needs for new ownership.
- In-place rents average $0.93/SF, about $0.23/SF below comps, creating clear mark-to-market upside.
- Physical vacancy improved from 11.8% to 2.0%, with economic occupancy rising to nearly 98%.
- Excellent access to I-10 and I-210 near major employers in petrochemical, healthcare, gaming, and education.
Listing Price: Request For Offer
Investment Highlights
- 98% occupied 208-unit multifamily community offering immediate scale and operating efficiency in the Lake Charles market
- Significantly renovated in 2022, with $7.2M+ invested since 2019, reducing near-term capital needs for new ownership.
- In-place rents average $0.93/SF, about $0.23/SF below comps, creating clear mark-to-market upside.
- Physical vacancy improved from 11.8% to 2.0%, with economic occupancy rising to nearly 98%.
- Excellent access to I-10 and I-210 near major employers in petrochemical, healthcare, gaming, and education.
Investment Overview
The Phoenix Apartments is a stabilized 208-unit multifamily investment in Lake Charles offering immediate scale, strong in-place occupancy, and meaningful operational momentum. The property is currently 98% occupied, averages 925 square feet per unit, and benefits from a comprehensive 2022 renovation that repositioned the asset to compete more effectively with newer product in the market. The investment offers a compelling yield-and-growth profile driven by below-market rents and improving operations. Current rents average $854 per unit, or $0.93 per square foot, versus a competitive set average of $1.16 per square foot, creating a clear path to revenue growth through lease trade-outs and renewals. At the same time, vacancy has compressed sharply from 11.8% to 2.0%, with economic occupancy reaching nearly 98%, reinforcing the asset’s leasing strength and stabilization story. The Phoenix is further supported by a strategic location with direct access to I-10 and I-210 and proximity to Lake Charles’ major employment anchors, including petrochemical facilities, hospitals, gaming destinations, and McNeese State University. Backed by significant recent capital improvements and durable regional demand drivers, the property presents investors with a rare opportunity to acquire a stabilized, renovated asset with immediate cash flow and measurable upside.
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