Granite Pelican Bay LLC Acquires Multifamily Portfolio In Baton Rouge For $11.6M

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.