The new owner of the 14.3-acre Oaks of Kingsbridge apartment complex off Sherwood Forest Boulevard paid about $43,000 per unit to purchase the property.
In all, the New Jersey investor paid a whopping $14.75 million for the 343-unit complex, located at 11888 Longridge Ave., just off South Sherwood Forest Boulevard between Coursey Boulevard. and Interstate 12, according to documents filed Monday in the East Baton Rouge Parish Clerk of Court.
The purchaser was The Villas at Stone Creek LLC, a New Jersey investor represented by Mathias Deutsch. The seller, Three Forty Three Oaks Ltd., was represented by Bratten Realty General Partner Richard S. Owen. The sale took place on March 31.
The unit mix is fairly diverse with more than 15 different floor plan options, ranging from one bedroom/one bathroom units to two bedroom/two bath units with a loft. The one bedroom units make up about 30% of the total project, with the remaining units being either two bedroom flats or townhouses.
The Oaks of Kingsbridge was about 80% occupied at the time of sale.But when Cook, Moore & Associates surveyed rental rates and occupancies there in November, it was 90% occupied.
Chad Rigby with Stream Realty Partners, who brokered the transaction, says the new owner intends to do major renovations to the project.
“The property was constructed sometime in the early 1970s, and although it had been well maintained, it was in need of some improvement,” Rigby says. The new owner has committed to spending about $4.5 million in renovations, which will bring their total investment in the project to $19.25 million, or about $56,000 per unit.
“Currently, the project has an antiquated chiller boiler system that services the entire project, but the new owner will remove the boiler and chiller system and replace it with individual AC units for each unit. He also intends to add washer and dryer hookups in select units and renovate the exterior,” says Rigby.
When the renovations are complete, the complex will be renamed The Villas at Stone Creek. Renovations should begin within the next 30 days.
