The property is just south of Louisiana State University (LSU) and 4 miles from Downtown Baton Rouge in East Baton Rouge Parish. In addition to convenient access to major thoroughfares, the site is also located directly in the path of growth for new residential communities, including new and planned shopping and entertainment venues. www.liveatindigopark.com
Background & Strategy:
Indigo Park is a 330-unit, newly constructed apartment project completed in 2009.
The project was built to condominium specifications to maximize exit options.
Property is immediately adjacent to $300 million Riviere’ Casino complex which will generate additional demand.
Property sold to development partner in December 2012 for $41 million ($124k/unit).
Development Budget: $36 million ($109k/unit)
Equity Partner: AM Development Corp – Holland