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BOSSIER CITY, LA-A New York City buyer ended up with the 241-unit Stockwell Landing Apartments, paying $21.3 million for the class A complex. The buyer beat out 10 other bids for the asset by offering the highest price and the willingness to assume the HUD loan that came with it.

Gregory Cordaro president and managing broker with the Cordaro Cos. in Baton Rouge says Stockwell Landing LLC, a partnership of members from Louisiana and Florida, built the apartments in 2005. Seller representative Cordaro says the complex at 2175 Stockwell Rd. came to market so the builders could capture a high rate of return on the project. Roland Ricou, broker with Sealy & Co. Inc.’s Shreveport, LA office partnered with Cordaro on behalf of the seller.

On the other side of the deal table, the self-represented buyer had ready cash for the down payment and offered a quicker close than the other bidders. “This was on the market for about six months, and we got 11 offers during that time,” Cordaro says.

He tells GlobeSt.com that the buyer assumed a 40-year new-construction HUD loan on the complex. The $14.5-million loan carries a 5.97% interest rate. “I don’t think the buyers are going to refinance that any time soon with that interest rate,” Cordaro notes.

He goes on to say that the buyer bought the complex for a long-term investment, and ended up with a good, solid property for its efforts. “This is in a very good school district, and the property is a beautiful one,” Cordaro adds.

Situated on 18 acres, the 98%-occupied Stockwell Landing Apartments has a mix of one, two and three-bedroom units. Units range in size from 850 sf to 1,600 sf and rents are between $725 and $2,100 per month. The buyer will self-manage the complex.

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