An assessment report detailing the sale of the seven-asset portfolio states that Global Ministry Foundation-Preservation of Affordability Corp. of Cordova, TN acquired the properties with help from A- and BBB-rated and unrated bonds. The exchange involved an actual transfer of the portfolio's ownership as well. As part of the deal, the assets' title ownership will remain under the name of seller AOH Louisiana Chateau LLC.

Apartment Realty Advisors' Matt Heininger marketed the portfolio on behalf of the Pennsylvania-based seller. He tells GlobeSt.com that the complexes, which were built during main during the 1970s, had undergone significant renovation in 2005 following damage from Hurricane Rita. He adds that the portfolio is stabilized, with an average occupancy in the mid-90s.

He goes on to say that the portfolio was marketed in a very limited basis. "We never went to the strategy of one-offs," he adds. "To some degree, the size of the portfolio was the strength of it." He adds that the buyer, to maintain the properties' tax abatements and tax exempt bond financing, needed to have 501(c)3 status, which Global Ministry Foundation had.

Global Ministry Foundation has a track record of investing in and providing affordable housing for low-to-moderate income residents. Heininger says the new owner won't need to make too many changes to the assets, just minimal upgrades.

In Lafayette, the portfolio consists of

• Mon Chateau Apartments, 80 units, 2820 Louisiana Ave., built in 1970; offering one, two and three-bedroom units averaging 824 square feet and
• Pinhook South Apartments, 240 units, 200 Merchants Blvd., built in 1978; offering efficiency, one, two and three-bedroom units averaging 815 square feet.

In Lake Charles the portfolio consists of

• Le Chateau Apartments, 200 units, 4404 Canal St., originally constructed in 1970 and renovated in 2006; offering one, two and three-bedroom units averaging 958 square feet;
• Shadowood Apartment Homes, 180 units, 1045 Walters St., built in 1981; offering efficiency, one, two and three-bedroom units averaging 854 square feet;
• Suffolk Manor Apartment Homes, 220 units, 2960 Lake St., built in 1966; offering one, two and three-bedroom units averaging 890 square feet;
• Trace Apartments, 80 units, 211 Louie St., built in 1983; offering one, two and three-bedroom units averaging 907 square feet and
• Willow Bend Apartments, 105 units, 1515 W. McNeese St., built in 1975; offering one, two and three-bedroom units averaging 725 square feet.