Stirling Communities I, an investment group led by Stirling Properties, paid $24.8 million for 287 units in the Tiger Manor apartment/condo complex in Baton Rouge.
Located at State and July streets, the complex is situated just outside LSU's North Gates. The seller was Glenn Stewart and his business partner, who purchased the apartment development in late 2004.
After Stewart converted the property into condos several years ago, 45 of its 317 units were sold. Jeff Marshall, senior vice president of acquisitions, development and finance for Covington-based Stirling Properties, tells ABiz that as part of the deal, the Stirling group bought back 15 of the units, bringing to 287 the number of apartments it now controls.
According to seller Stewart’s business plan for Parc Lafayette, he and a business partner purchased Tiger Manor (then called Tiger Town Village Apartments) in September 2004 for $6.7 million. In August 2007 they began a “down-to-the-studs complete renovation” of the complex, converting the apartments into condos. Stewart notes in the business plan that the partnership spent $15 million on the renovation.
“We’ll do some curb appeal changes,” Marshall says, noting that plans also call for Tiger Manor and Coventry Terrace, an 80-unit complex the Stirling group owns next door, to share a gated access system via a new entrance directly from State Street.
Stirling Properties serves as asset manager for the newly acquired complex, and BH Management, based in Des Moines, Iowa, will manage the property.
Last summer, Stirling purchased three Lafayette apartment complexes from the physician-turned-developer for $11.7 million: Acadian Gardens (92 units for $4.2 million) South College Gardens (60 units for $2.5 million) on South College Road, and Willow Gardens (110 units for $5 million) at Johnston Street and Glouchester Road. In all, the Stirling group now owns 657 apartment units.
Read more about the Lafayette deal here.