Updated Dec 4, 2024
Granite Pelican Bay LLC Acquires Multifamily Portfolio In Baton Rouge For $11.6M
4150 72nd Avenue, 2121 Lobdell Blvd, 2121 Lobdell Boulevard & 8165 Plank Road
$11,600,000
Units
248
Asset Type
MultiFamily
Closing
Apr 30, 2024
About this deal
AI
The $11.6 million sale of a three-property multifamily portfolio in Baton Rouge has been successfully facilitated by Marcus & Millichap. The portfolio includes Howell Place, Pelican Bay, and Pirates Bend, totaling 248 units with a per unit price of $46,774. The properties are located at 4150 72nd Avenue, 2121 Lobdell Blvd, 2121 Lobdell Boulevard, and 8165 Plank Road in Baton Rouge, LA.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,600,000
- Units: 248
- Buyer: Granite Pelican Bay LLC
- Seller: 2121 Lobdell LLC
- Brokers: Chris Shaheen, John Hamilton, Drew Garza & Will Balthrope - Marcus & Millichap
The key individuals involved in this deal are Chris Shaheen, John Hamilton, Drew Garza, and Will Balthrope from Marcus & Millichap who represented the buyer and seller in this transaction.
On the Map
$11,600,000
MultiFamily
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Players
Baton Rouge MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.37%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93