Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Parkside Apartments, a 24-unit apartment property located in Lafayette, Louisiana, according to Jody McKibben, first vice president and regional manager of the firm’s Baton Rouge office. The asset sold for $1,300,000.
“This was great deal from start to finish,” says Chris Shaheen, associate. “We ended up exceeding the market cap rate for this type of property and there is plenty of upside for the buyer to raise rents over time.”
Shaheen, along with and Patrick Cosgrove and Christian Redden, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The team also secured the in-state buyer, another limited liability company.
Parkside Apartments is located at 2401 East Simcoe Street in Lafayette, Louisiana, less than a five-minute drive to the University of Louisiana at Lafayette. Built in 1979 and sitting on 0.42 acres of land, its 24 units are divided equally between one- and two-bedroom configurations. The property has recently updated roofing, air conditioning and interiors.
“This deal reflects how the Louisiana multifamily market is bouncing back strong from the COVID-19 pandemic,” added Redden.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.