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Granite Pelican Bay LLC Acquires Multifamily Portfolio In Baton Rouge For $11.6M
SOLD
$11,600,000
+ 1
Louisiana
See Similar DealsMultiFamily
Sold 04/30/2024
SOLD
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
See Similar DealsMultiFamily
Sold 04/30/2024
+ 1
Summary
LOUISIANA
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$618,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,212.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,989.92
Annual Debt Service$659,879.02
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