(Read more on the multifamily market.)
LAFAYETTE, LA-A private partnership from Yonkers is continuingits local buying spree, acquiring the 304-unit PeppertreeApartments for $18.62 million. The 25-year-old complex has sold ata 7.1% cap rate.
Matt Heininger, vice president with Apartment Realty Advisors'Austin, TX office, says JTS Realty Services LLC of Baton Rouge andthe buyer's previous business dealings, specifically the 369-unitGates at Citiplace in Baton Rouge, helped to shore up the win for1000 Robley Dr. Heininger, who represented JTS in the transaction,tells GlobeSt.com that Peppertree had been under contract earlierin the year to a different buyer, but it fell out during the escrowperiod.
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