BATON ROUGE, LA-A $2-million transaction to snag 12.6 acres has paved the way for a 252-apartment development. The Ivy Park Apartments, estimated to cost $18 million to $22 million, will break ground in two months.
The development group is a joint venture between local investors and Amcal MultiHousing from Agoura Hills, CA. Through the Amcal Country Park Villas Fund, the JV bought three contiguous parcels from two owners to assemble a development site along Jones Creek Road, north of Tiger Bend Road and near the Shenandoah Country Club. Ivy Park Apartments are ticketed to deliver in 18 months.
According to Benjamin Stalter, principal with Stirling Properties Inc.'s Baton Rouge office, the transaction is the partnership's first in the area. "They're looking at the entire Gulf Coast and Louisiana pretty aggressively for more investment," says Stalter, who brokered the transaction between the buyer and sellers. "We're looking at sites and have a couple of prospects, but nothing firmed up as yet."
Stalter tells GlobeSt.com that one of the local sellers, Woodlawn Park LLC, at one time planned to use the land to expand the adjacent Woodlawn Park Shopping Center at 6600 Jones Creek Rd. "That was the plan, back in the 1980s, but it never happened," Stalter adds. The other tract was acquired from a private individual, who had been holding it as an investment.
The acreage for the future luxury apartments is in a mid- to high-income area. Stalter says the location and growing demand for housing were the incentives for the buyer. "There are certain niche areas where populations have shifted, both in-town and population out of town," he adds. "That's the primary reason for the interest in the land."
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