The D’Iberville Apartments at 7520 Chad Ave. in Addis have sold for $1,562,500, or about $32,500 for each of the complex’s mix of 48 two- and three-bedroom apartments. The seller, Patricia Hidalgo Amoroso, owns other multifamily holdings in the Baton Rouge area, but this property was the only apartment she had on the west side of the Mississippi River.
Sources close to the transaction say Amoroso wanted to sell the West Baton Rouge Parish property so she could concentrate on properties on the east side of the river. The deal closed Wednesday; Amoroso was represented by real estate brokers Will Adams and Bobby Box of Property One Commercial Real Estate.
Sunrise Land LLC, represented by broker Lacy Howe with Clay Companies, bought the complex, which fetches monthly rents ranging from $500 to $650 per month.
“The project was attractive because there is very little competition for Class B product in Addis. You either have upscale apartments or trailers, and apartments in this price range are hard to find” Adams say.
The complex has some minor deferred maintenance issues, but no major repairs are required. Sunrise Land plans to complete some minor repairs and continue to operate the complex as is.
“The purchasers had sold another piece of property in north Louisiana and were looking for a stable investment, and this property fit their investment criteria,” Howe says, adding some of the tenants have been in the complex since 1994.