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Diamond Lakes Apartments – Lafayette, LA

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Location:

2900 Ambassador Caffery Pkwy, Lafayette, LA 70006. West side of Amabassador Caffery just north of W. Congress St., 3.5 miles west of the I-10 interchange and 3.5 miles west of downtown. The property is immediately adjacent to the Regional Medical Center of Acadiana.

Background & Strategy:

Diamond Lakes is a 312-unit apartment completed in 1984. The property is located in rapidly growing Lafayette, LA. GAA acquired the property in July 2013 from Fannie Mae and commenced a property renovations to upgrade the property exteriors, clubhouse and unit interiors. The upgrades are projected to lead to rental rate increases in excess of $100/unit/mos.

Deal Highlights:

  • Exceptional projected investment returns (annual cash on cash returns greater than 20%; projected gross IRR > 40% for a 5-year hold
  • Attractive acquisition price at +/- 80% of replacement cost
  • Significant Value Creation potential via unit upgrades and improved property management
  • Lafayette economy is diverse, growing and very strong
  • Local apartment market is strong and underserved, occupancies greater than 95%

Financing Summary:

Purchase Price: $22.925 million ($73.5k/unit)

Debt: $17.8 million (BB&T)

Equity Partner: Pensam Funding, et al

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  • Home
  • About Us
    • Overview & Functions
    • Representative Co-Investment Partners
    • The Dawson Senior Team
    • Timeline
    • The Legacy
  • Representative Projects
    • Current Representative Projects
    • Completed Representative Projects
  • Newsroom
  • Contact Us