Chicago-Based Private Equity Firm Acquires LSU-Area Apartment Complex for $23.8 Million
Chicago-based private equity firm, Riverbend Owners LLC, has successfully acquired The Villas at Riverbend, an apartment complex located near Louisiana State University (LSU), in a noteworthy deal worth nearly $23.8 million. The purchase agreement was officially recorded on Thursday at the East Baton Rouge Clerk of Court's Office. The seller, 5689 River LLC, is a limited liability company established by Saban Capital Group, based in California.
Riverbend Owners, an LLC established by Ashland Capital in Chicago, boasts an extensive portfolio comprising more than 1,500 apartment units primarily located in the Southeast and Midwest regions. This strategic acquisition further expands their real estate holdings.
The Villas at Riverbend, which opened its doors in 2011, consists of 105 apartment units with a total of 308 beds. Offering a range of options to suit different preferences, the complex features both furnished and unfurnished units. Rental rates at The Villas at Riverbend vary from $715 for a bed in a four-bedroom, four-and-a-half-bath unfurnished unit to $915 for a bed in a two-bedroom, two-and-a-half-bath furnished unit.
The purchase of The Villas at Riverbend marks an exciting development in the LSU area's real estate market. With its proximity to the university, the apartment complex has long been a popular choice among students and residents alike. The acquisition by Riverbend Owners LLC indicates their confidence in the property's potential and their commitment to the LSU community.
As the new owners take the reins, tenants can expect continued quality service and an enhanced living experience. The acquisition also presents an opportunity for further investment and potential renovations to ensure the complex remains an attractive and sought-after destination for LSU students and Baton Rouge residents.
The transaction showcases the continued growth and investment in the Baton Rouge area, demonstrating the city's appeal as a thriving real estate market. The Villas at Riverbend's sale for $23.8 million stands as a testament to the strength and potential of the local property market, attracting investors from across the country.
Residents, students, and investors alike eagerly anticipate the positive impact this acquisition will have on The Villas at Riverbend and the LSU community as a whole. With a new chapter unfolding, the apartment complex is poised to continue its tradition of providing comfortable, convenient, and desirable living spaces for years to come.