Located at 8008 Bluebonnet Boulevard in East Baton Rouge Parish, in close proximity to Louisiana State University, downtown Baton Rouge, and several major hospitals. The property also has convenient access to Interstate 10, and Interstate 12. www.theparkonbluebonnet.com
Background & Strategy:
The Park on Bluebonnet, a well-located, 352-unit apartment property, was acquired in 2006 in an off-market/directly negotiated sale transaction.
The property has been upgraded and re-positioned as the market-leading luxury apartment property.
Close proximity to multiple demand drivers – LSU,
Southern University, several hospitals, Mall of
Louisiana, Perkins Rowe mixed-use development, $350M Pinnacle Casino and downtown Baton Rouge
Acquisition Price: $36,750,000 ($102,941/unit)
Debt: $25,300,000 (69% Loan To Value)
Debt Provider: Fannie Mae
Equity Partner: ASB Capital Management