Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.